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You are here: Home / Blog / One of the Top Reasons to Own a Home

One of the Top Reasons to Own a Home

September 19, 2019 by John Sibley

One of the Top Reasons to Own a Home | Simplifying The Market

One of the benefits of homeownership is that it is a “forced savings plan.” Here’s how it works: You make a mortgage payment each month. Part of that payment is applied to the principal balance of your mortgage. Each month you owe less on the home. The difference between the value of the home and what you owe is called equity.

If your home has appreciated since the time you purchased it, that increase in value also raises your equity. Over time, the equity in your home could be substantial. Recently, CoreLogic revealed that the average homeowner gained more than $65,000 in equity over the last 5 years.

Unlike last decade, homeowners are no longer foolishly tapping into that equity. In 2006-2008, many owners used their homes like an ATM by pulling equity out to purchase new cars, jet skis, or lavish vacations. They were pulling out cash (equity) from an appreciating asset, and then spending it on rapidly depreciating items. That is not happening anymore.

Over 50% of Homes Have at Least 50% Equity

The number of homeowners that currently have at least 50% equity in their home is astonishing. According to the Urban Institute, 37.1% of all homes in the country are mortgage-free. In a home equity study, ATTOM Data Solutions revealed that of the 62.9% of homes with a mortgage, 25.6% have at least 50% equity. That number has been increasing over the last five years:One of the Top Reasons to Own a Home | Simplifying The MarketBy doing a little math, we can see that 53.2% of all homes in this country have at least 50% equity right now. Of all homes, 37.1% are mortgage-free and an additional 16.1% with a mortgage have at least 50% equity.

Bottom Line

Homeownership is different than renting. When you own, your housing expense (the mortgage payment) comes back to you in the form of equity in your home. That doesn’t happen with your rent payment. Your rent helps build your landlord’s equity instead.

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Filed Under: Blog, First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Move-Up Buyers, Rent vs. Buy

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WHAT OTHERS ARE SAYING

John and the Sibley Realty Group had a great command of the market prices and an excellent marketing strategy to get new groups of people to look at our property. By using new technology to market to different buyers and target new groups of potential buyers the Sibley Realty Group met our goal of selling within 3 months. The entire office helped make the transition smooth and Lauren is very helpful making sure everyone is on the same page as you go through the closing process. It is good t(...)

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Kevin, New Orleans, LA
 

Always felt like we had a knowledgeable, competent agent that was working to get us a great home.

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Curt & Sara, New Orleans, LA
 

John was great to work with. He provided good sound advice relative to marketing our home. He kept me informed through every step of the process from the initial listing to the closing. It was a great experience and I recommend the Sibley Group to anyone interested in purchasing or selling real estate property.

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Richard, Madisonville, LA
 

We were very happy with the service provided. As first time home buyers, we were initially anxious, however, John and the rest of the group helped us understand the home buying process and what to expect. They made sure we were well prepared by the closing and that our interests were top priority.

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Jimmy, New Orleans, LA
 

Everyone at the Sibley Realty Group was exceptional. From the first phone call to the closing of the home we had the best service. I would recommend Jordan and her team to anyone. Awesome Job Guys! And thanks again.

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Anonymous, New Orleans, LA
 

Listened, were easy to reach, and delivered on what they promised.

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Ashley, New Orleans, LA
 

Everyone throughout the process was extremely helpful. Dianna spent a lot of time, including late hours helping us find the right house.

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Chris, Slidell, LA
 

Sibley Group delivered as promised.

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Stan, New Orleans, LA
 

John & company were always negotiating on my behalf and won the battle such as letting me have an Estate Sale w/o charging me rent for one week and then the new owner moved in. The Sibley Realty Group was always professional in every way.

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Anonymous, Slidell, LA
 

Fantastic service, clarity, and responses to all challenges presented.

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Samuel, New Orleans, LA
 

We are extremely grateful to have found Sibley Realty group. Initially I had called other realtors who were not so responsive since we did not live in the area. Jordan contacted me back right away and made us feel at ease with our first home purchase. We lived 7 hours away from where we were buying and Jordan was very accomendating to our schedule of only being able to make it down on the weekends. The whole office are a bunch of true professionals that we owe more gratitiude to then we can(...)

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Troy, Slidell, LA
 

I was please and surprisingly happy how quickly the proceedings was completed.

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Deborah, New Orleans, LA
 

John Sibley came highly recommended by a neighbor and he sold our house not only once but twice! A pipe burst upstairs and flooded the house and the first sale was cancelled. We were out of town and John and his staff handled everything from informing us of the problem to working with the adjusters giving them access to the house. When we got back in town just three days later, the damage was already cleaned up and we were ready to begin the repairs!

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Marilyn, Slidell, LA
 

John Sibley and Lana Sibley Leonard were very instrumental in marketing my home both personably and professionally. Their drive and incentive made it possible for my home to sell in a quick, timely manner.

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Christina, Slidell, LA
 

The decision to sell our home and to use the Sibley Realty Group was a year long process. We were concerned about determining the right time to sell and determining a fair and appropriate asking price. We had questions about how to adequately prepare our home for photos and showings. We were concerned about security and showing our home while we were away on vacation. John Sibley addressed all of our questions and concerns. He walked us through the process from listing to closing. He was a(...)

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Annemarie & Jerry, Slidell, LA
 

Sibley's group is the best we've used.

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Cathy & Will, Slidell, LA
 

About Us

The Sibley Group has a team of Realtors to meet all of your real estate needs throughout the New Orleans Metropolitan area. We have agents that specialize on the Northshore and Southshore, including New Orleans, Slidell, Metairie, Covington, Mandeville, Pearl River, and Lacombe.


Trust a real estate team with a long-standing tradition of service, expertise, and professionalism in the local area.


John Sibley reviews
The Sibley Group New Orleans
Keller Williams Realty 455-0100

3197 Richland Ave, Metairie, LA 70003

Northshore: 985.326.9755
Southshore: 504.571.9755
Broker: 504.455.0100

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