If you're thinking about buying a home right now, a little hesitation is normal. Groceries and gas cost more than they used to. Mortgage rates are higher than anyone would like. And when the economy feels shaky, signing up for a 30-year loan can feel like a big commitment. So here's a question worth asking: how do the people who already bought feel about it?
As it turns out, most of them would do it again.
Very few buyers regret it
A recent NerdWallet survey found that 74% of recent homebuyers are glad they bought their current home. Only 3% said they regret it. That's a remarkable vote of confidence, especially at a time when buying has been anything but easy.
So why do so many owners feel good about their decision, even in a tough market? A big part of the answer comes down to time.
Owning a home is a long game
When you're weighing a purchase, it's natural to fixate on today: this week's mortgage rate, whether prices are rising or falling, what the headlines are saying. Those things matter. But waiting for the perfect moment can cause you to miss the bigger picture.
Most people don't buy a home for a year or two. They live in it for years, and that's where the real benefit shows up. Over the past five years, home prices nationwide have climbed 33.4%, according to the Federal Housing Finance Agency (FHFA).
That growth has translated into real wealth for owners. Bankrate research shows homeowners gained close to $150,000 in wealth, on average, over the past five years, with equity rising in 90% of major metro areas.
That's the power of equity. Every mortgage payment chips away at what you owe, and as your home gains value, the share of it you actually own keeps growing.
Now step back even further
Five years of growth is impressive on its own. Stretch the timeline out to a few decades and the picture gets even more striking. Per FHFA data, home prices nationwide are up 336% since 1991.
Closer to home, the story is similar. Over the past five years, home prices are up 38.2% in Missouri and 44.0% in Illinois, both ahead of the national average. Since 1991, Missouri values have climbed 309% and Illinois values 234%.
To be clear, that doesn't mean prices rise every single year, and it doesn't mean buying is the right move for everyone today. You should only buy when the numbers, and especially the monthly payment, work for your budget.
What it does show is why trying to time the market perfectly can backfire. Over the long run, owners tend to build significant equity, and that equity becomes a valuable financial tool.
Your equity goes with you
Equity is part of your overall net worth. When you eventually sell, the equity you've built comes back to you, and you can put it toward the down payment on your next home, whether you're moving up to something bigger or downsizing to something simpler. In other words, buying now, if you can comfortably afford it, can set you up for your next move down the road.
They can, and they have before. But historically, home values have risen far more than they've fallen over the long run. The longer you own, the more time you have to ride out the ups and downs and keep building equity.
The bottom line
Today's uncertainty is real, but it shouldn't overshadow what homeownership can do for you over time. Most owners say they'd make the same choice again, and decades of home price growth help explain why.
If you're wondering whether buying makes sense for you right now, a NettWork Global agent can walk through the numbers with you and show you what owning a home could look like in the years ahead.