Does your house work from home?
The average home in the Jacksonville Metro Area earned more than the minimum wage last year. The average homeowner earned as much in equity over the last year as a person making minimum wage would earn putting in 40 hours a week, every week, tax-free. If you needed another reason to consider owning rather than renting, here it is. How could we possibly justify this claim? I’m glad you asked.
- The median home in the Jacksonville Metro Area is valued at $206,500.
- The average house increased 9.6% in value over the last 12 months up from $188,412.
- An annual increase of $18,078/52weeks= $347.65 per week
- $347.65/40 hours per week= $8.69 per hour. More than the current minimum wage of $8.25/hr.
- If you own your home for 2 years or more, you pay no capital gains tax on the profit.
Owning a home isn’t exactly a get rich quick scheme but it does have some significant up-side. Home ownership isn’t for everyone. In some circumstances, renting makes a lot of sense. You won’t ever make money by renting but you have far less risk also. You must live somewhere. In our minds, having your housing budget return something to you is a huge benefit. If you want to take the leap into home ownership let us know! We would love to walk you through it.
