Floridians living in Cape Coral, FL experienced a 6.9% appreciation on their homes last year, and predictions are set for another 1-2% rise this year, as well.
It was just eight years ago that everything looked their darkest after the housing crash. Home values were well below what people owed, and many believed they would never recover. While many got out of their homes, others got rich.
The great news is that even if you were not in a position to get on the inside of some great deals in Cape Coral 5-8 years ago, there is still some serious money to be made. And it’s not complicated or overly sophisticated; it’s just in owning a typical home and saving for retirement.
In the article, we will discuss how you can have a $1,000,000 net worth in just 20 years without doing anything extraordinary.
Home Ownership is Key
The median home value in Cape Coral right now is $216,000. At the end of the year, they’ll rise to $220,000.
Using modest, conservative projections, the median home value in Cape Coral in 2037 will be $350,000-$450,000.
Using $400,000 as the standard baseline, a home with the mortgage paid off gets us 40% of the way toward being a millionaire.
Save 10% of Your Income
There are many sophisticated ways to make money out there, but let’s keep it simple for just a second. We’re going just to own a home and save our income(s).
The median income in Cape Coral is a very respectable $50,000.
By age 35 the average American has a net worth over about $52,000. Let’s assume that $50,000 are invested for retirement and that $5,000 a year is contributed going forward – with no raises.
After just 20 years, even if the investment fund performs at 9.5% (which is below the market average), the fund will be worth $605,000.
The result is that simply between owning an average home in Cape Coral and saving $5,000 a year with no raises; you can be a millionaire at 55-years-old!
Keep investing another ten years, and the fund will grow to $1,500,000, but lessons on compound interest can be saved for later.
Keep It Simple & Live a Great Life
We hope you can do much more than we describe in this article. We’d like you to travel the world, make millions of dollars, and become a CEO of a big corporation.
But that’s not necessary to become a millionaire. By buying a sensible home in a wonderful area like Cape Coral, and saving every month, you can meet this very realistic goal by 55-years-old.
Get started on your journey to home ownership in Cape Coral by contacting us today. We will gladly help you understand the market better and get you set up with the right mortgage to suite your needs.
Cape Coral Mortgage, Inc.
3512 Del Prado Blvd. S Ste106
Cape Coral, Fl. 33904
(239) 540 5555
