Selfmade Millionaire Not Buying A Home Is The Single Biggest Millennial Mistake
While opponents of homeownership claim it's "the American nightmare," self-made millionaire David Bach is doubling down on his faith in real estate.
He thinks that not prioritizing homeownership is "the single biggest mistake millennials are making."
Buying a home is "an escalator to wealth," he tells CNBC.
Young adults in particular aren't hopping on this escalator, and it's a costly mistake, Bach warns: "If millennials don't buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter."
The self-made millionaire is quick to say that the smartest investments he's ever made have been the three homes he's purchased. He tells CNBC: "I first bought a home in San Francisco. It skyrocketed in price. I moved to New York and bought another home. It skyrocketed in price. My net worth has gone up millions and millions of dollars, simply because I've lived."
Read the full article here: http://www.cnbc.com/2016/12/30/self-made-millionaire-buy-a-home.html
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