And while my previous attempts at rent negotiations didn't succeed, I eventually ended up moving into a different (and bigger) unit in the same complex at a cheaper rate. However, as I watch my friends go through the home-buying process, it makes me question whether I'm throwing away my money and the wealth-building potential of owning a home.
Personal finance experts have long held that homeownership is a key step to building lasting wealth (see How to Build Wealth, May). A home is an asset that generally appreciates in value over time, and buyers also benefit from leverage: You can borrow up to 80% of the value of a home, or even more with a low down payment loan.
This story is from the July 2022 edition of Kiplinger's Personal Finance.
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This story is from the July 2022 edition of Kiplinger's Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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