If you're thinking of buying a home soon, you might be worried about the higher mortgage rates, increasing home prices, and affordability issues. It's natural to wonder if it's still a good idea to buy a home right now. Although these factors are important, there's more to think about. You should also consider the long-term advantages of owning a home.

Have you ever noticed that if you talk to people who bought a house 5, 10, or even 30 years ago, hardly anyone regrets their decision? It's interesting, isn't it? Well, the reason behind this is actually quite simple. Over time, home values tend to increase, which means that your wealth grows along with it. It's like a win-win situation! That could be why a recent survey by Fannie Mae showed that a whopping 76% of people believe that buying a home is a safe investment.

Let's take a moment to see how the increase in home prices can really make a big difference over time.

Home Price Growth over Time

Take a look at the map we've got below. It's based on data from the Federal Housing Finance Agency (FHFA) and it shows you just how impressive the price gains in the housing market have been over the past five years. We've even broken it down regionally to give you a better idea of the overall market trends in different areas. Pretty cool, right?

If you take a peek at the percent change in home prices, you'll notice that the average growth was around 57% all across the country over the span of five years. Pretty impressive, right?

Well, it's pretty interesting when you consider that some areas have home prices that are just a liiiittle bit higher or lower than the average. But hey, overall, the housing market has been doing pretty well in a short amount of time. And get this, if you zoom out and look at the bigger picture, it becomes even more obvious how much homeownership has paid off for people over the years. Just take a peek at the handy map below to see what I mean.

The second map gives you a real good idea of what's been happening with home prices all across the country. Believe it or not, on average, those prices have gone up by more than 297% in just about 30 years. Can you believe that? It's quite the jump if you ask me.

You know, on average, folks who bought a house around 30 years back typically watched the value of their homes nearly triple during that period. And let me tell you, that's one of the main reasons why many homeowners who made that decision back then are still pretty darn happy with it.

So, you might have heard people saying all year that home prices would totally crash, right? But guess what? It didn't actually happen! In fact, the experts are predicting that home prices will keep going up for many more years to come. Can you believe it?

Bottom Line

If you're thinking about whether it's still a good idea to buy a home right now, it's worth considering the long-term benefits that come with owning a home. When you're ready to begin the process of buying a home, let's have a chat.