Source: The Motley Fool —
You’ll often hear that being a homeowner can lead to more financial stability. When you own a home and pay down your mortgage, you get closer to owning an asset whose value can grow over time.
Plus, when you rent a home, there’s always the possibility that your landlord will charge you more money every time you renew your lease. When you own a home with a fixed-rate mortgage attached to it, you’re guaranteed the same monthly payment for the life of your loan (provided you don’t refinance it).
Meanwhile, there’s been a lot of talk about a potential recession in 2023. The Federal Reserve’s aggressive interest rate hikes could lead to a serious pullback in consumer spending, thereby leading to a period of economic decline.
Naturally, the idea of a recession can be quite unsettling. But here’s how being a homeowner could work to your advantage in that scenario.
