Home prices remain stubbornly high in most cities. And mortgage rates have increased a ton over the last year or so. So buying a home with a mortgage in 2023 for the average buyer is about TWICE what it was in 2018!
Housing markets tend to vary greatly from one city to the next. But in this case, home prices stopped rising in almost every city around the US. What will happen from here? Similar to the stock market, there are tons of people who will claim to know. But, the reality is no one has any clue so don’t listen to them.
If you want to get rich, minimize your housing costs, regardless of whether you rent or buy. Dedicate more of your income to investing. Doing this consistently year after year is how you build massive wealth. Don’t get caught up in what the housing market might do on any given year.
According to data from Zillow, the top cities where home values rose the fastest over the last five years are: 1) Tampa, FL 2) Jacksonville, FL 3) Charlotte, NC 4) Atlanta, GA 5) Memphis, TN 6) Miami, FL 7) Phoenix, AZ. Will this hold true for the next five years as well? Check back on our post in five years from now, and we will be able to tell you!
As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.
-Vivi & Shane
