It’s widely thought that home ownership is a key to building wealth — but is it? And should you consistently make sacrifices to buy your own home?

To begin with, owning a home can be helpful in building wealth, but it’s not necessarily essential. Building equity in a home has value, but if you are relatively young and part of a single- or dual-income family, you may have other priorities, such as paying off student loans, reducing other debts, paying for childcare, meeting health care costs and even saving for retirement.

With all these expenses, you might not be able to take on a big mortgage, along with real estate taxes, homeowners’ insurance and the inevitable repairs that come with owning a home.

This doesn’t mean that you can never become a homeowner. If you would still like to own a home someday, you could start saving for a down payment, keeping the money in a liquid, low-risk account.

Just as importantly, though, you should plan on how owning a home can fit into your budget and how it will affect your cash flow. If you can manage it, you may indeed find that there’s no place like home.

This content was provided by Edward Jones for use by your local Edward Jones Financial Advisor, Casey Caliva, at Historical 30th & Fern. 

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Address:  2222 Fern St., San Diego CA 92104
Phone:  619-516-2744

Web: www.edwardjones.com/casey-caliva