“Home-price growth has been the primary driver of home-equity wealth creation,” said Dr. Frank Nothaft, chief economist for CoreLogic. The highest increase was in California where homeowners gained an average of $44,000 of equity in one year. This is wealth that can build up year after year and each year the money that would be spent in rent is translated into homeownership and can increase this number even more on an individual level.
CoreLogic is a leading global property information, analytics and data-enabled solutions provider, that just released the Home Equity Report for the fourth quarter of 2017, which shows that U.S. homeowners with mortgages have seen their equity increase 12.2% year over year, representing a gain of $908.4 billion since the fourth quarter of 2016.
It may not be feasible or the right time to buy the home you want to live in but I believe that if you can buy something you should... just to get into the market and use that equity to leverage and grow your wealth.