Home Ownership

Owning your home is one of the three key pillars in achieving financial security (the other two are Social Security/Pensions and Investment Income).

But don’t assume that home ownership is essential. Tens of millions of financially successful people rent their homes – including the majority of those who live in urban areas. And owning a home doesn’t automatically lead to happiness: A study by Grace Wong Bucchianeri from the Wharton School of Business found that homeowners are no happier than renters, and they experience less leisure time and social interaction (because of the costs and chores associated with maintaining the property).

Therefore, before you buy a home, be sure you’re ready to be a homeowner.