YOU! HAVE THE POWER | Dr. Ellen Brown

Yes, you can afford to buy a home

Buying a house is a dream that seems to have turned into a nightmare. Keeping up with the expenses of owning a home has become virtually impossible. According to a 2023 study by the National Association of Realtors, “between 2012-2022, the value of a median-priced home in the U.S. increased by $190,000.” Wow! 

Can the average working family realize the dream of home ownership? Yes! 

This month, I sat down with longtime Las Vegas Realtor Vera Barnes to discuss the current state of the American Dream: homeownership. She offers her perspective and highlights the potential of building wealth through homeownership. 

Achieving the dream of homeownership requires time, dedication, and — of course — financial planning. 

Barnes’ focus is on guiding clients to homeownership and wealth-building through home real estate investment. Her belief is that it’s never too late to buy real estate as wealth begins with that first purchase. 

According to reputable resources, here are points to consider when beginning your journey to home ownership: 

• Assess your financial situation realistically. Optimism is good, but be realistic 
• Create a plan and assemble a team consisting of banker, employer, and Realtor 
• Save diligently and remember that cash on hand 
• Understand the significance of good credit score for favorable mortgage 
• Manage that FICO score 

Achieving home and property ownership may require many sacrifices, compromises, and patience. Do your research and consider professional advice. Professional advice can lead to you making more informed decisions by considering your unique circumstances. 

Barnes preaches that home ownership in Las Vegas is still an efficient path to building wealth. She suggests that property appreciation can yield returns in 5-6 years, resulting in a favorable return on your investment. 

Homeownership for most requires sacrifice, compromise, and patience. We encourage you to believe in your ability to realize your dream, do your research, seek professional advice, make informed decisions and own your power. 

Dr. Ellen Brown enjoys writing on political topics that encourage and invite discussion leading to action. She is enjoying her life in Color with POWER! Ellen welcomes you to contact her with your ideas and stories on how you use your power! 

Dr. Ellen Brown is a retired university educator and dean and can be reached with thoughts and ideas at ebrown.nci@gmail.com