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The Automatic Millionaire Homeowner

I am in the process of reading another great book by David Bach with the above title. He really reinforces the advantages of owning verses renting in his books which makes complete sense. Landlords get their mortgage payments paid by tenants which helps them create wealth, while tenants don't accumulate any equity in property while they are paying rent. Landlords can be getting wealthier as tenants become poorer. In his book he provides information from the US Census Bureau that shows that the median price of homes increased from 1981 from around $60,000 to $246,500 in 2006. Think about that number alone. Over time, homes will typically appreciate as your mortgage is being reduced increasing the homeowners net worth. Yes there is no time like the present to purchase a home. Interest rates are great and so is the supply of homes. If you haven't purchased your first home yet, now is the time to start building some wealth.

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