I ask myself everyday, “How can I build a more financially stable future for myself?” I’m sure it’s a question on many young people’s minds and something everyone is concerned with.

James Surowiecki, a respected journalist for The New Yorker, editorialized that as many as 15 million homeowners now owe more on their mortgages than their homes are worth and that homeownership is not building wealth for these people.

The fact is, buying a home is one of the single most important investments an American consumer can make. Here’s why:

• Interest rates on home equity lines of credit are far below the rates of most credit cards, so homeowners who are able to tap into those lines for emergencies accumulate LESS DEBT than renters forced to charge expenses at higher rates.
• Overall, the median net worth of a lower-income homeowner is more than 13 times that of a renter with a comparable income, according to Harvard University’s Joint Center for Housing Studies.
• Ownership is forced saving. Typically, payments in the first few years of a mortgage are applied to interest. As time passes, however, more and more of each payment is applied to the outstanding loan amount, accumulating equity that can be recaptured, if needed, through an equity line of credit or when the house sells.

As you can see, while the popular media touts how awful an investment in a home might be, it is still the best investment consumers can make.

With interest rates as low as they are now, and home prices softening, the housing market hasn’t seen a better selection of homes in quite a while. Right now is a great time to talk to a Realtor® and find financing for your investment.