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Answer: About $79,000.

The Breakdown

The value you would have captured from your home over the last 5 years does not just come from appreciation, but from other reasons as well. Take a look below.

 

+ $47 K

 

Price Appreciation

According to Richmond’s Multiple Listing Service, the average price of a home in Richmond increased from $225,000 in 2013 to $272,000 by December of 2017. See examples.

 

+ $22 K

 

Mortgage Payoff

A portion of your mortgage payment goes towards paying off the debt on the home. In five years, you would have paid off nearly $22,000 of the loan.

 

+ $11 K

 

Tax Savings

Depending on your individual tax situation, the interest that you pay on the mortgage loan can be a deductible item that could have totaled up to $10,980 over 5 years.

 

= $79 K

 

When you add up all of the benefits of home ownership, it becomes significant quite quickly. And while each individual’s experience will vary, those who made even just an average housing decision in 2013, accumulated significant wealth in the 5 years they owned the property. (disclaimer)


 

 

Want to Know How Much You Can Afford?

 

The best way to find out is to talk to a mortgage lender. But if you want to do some analysis on your own, we recommend this tool.

For up to date mortgage rates, [ click here ]

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Current Rates

Below is a chart of current mortgage rates, based off of a national survey of mortgage bankers. This chart is for illustrative purposes only and is in no way a guarantee that you will be able to qualify for these rates, or these programs, without a formal application and full underwriting.

Mortgage Interest Rates