Stop Waiting - Buying a Home Could Make You a Millionaire

A recent CNBC article states that if you're a millennial and your not putting buying a home at the top of the list, you're making a mistake that could cost you millions. As David Bach puts it in his CNBC interview, making your first home purchase is getting on, "an escalator to wealth." The staggering stats come out later in the piece, where Bach explains, ""If millennials don't buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter."

Want real proof that this is the case? Bach lays it out in regards to his three real estate purchases, "I first bought a home in San Francisco. It skyrocketed in price. I moved to New York and bought another home. It skyrocketed in price. My net worth has gone up millions and millions of dollars, simply because I've lived."

In his book in "The Automatic Millionaire," Bach explains that, "As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing. Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home free and clear!"

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Looking to start building wealth now, especially as home values continue to increase (and are expected to) despite mortgage rates rising? Work with a local real estate professional to analyze your goals both personally and financially.