There are few milestones in a person’s life: graduating, getting married, having their first kid, and purchasing their first home. Each of these milestones marks a new chapter in someone’s life story. Graduating is the first step into adulthood. Marriage is the first step to a family. Having your first child is your first big responsibility that impacts someone else’s life as much as your own. Finally, buying your first home is your first step into financially stable adulthood.

Over the past decade, purchasing a home has received a lot of bad press. The 2008 financial crisis was caused by over-speculation in the housing market by banks and investors, resulting in an asset bubble that eventually burst.

The resulting financial crisis led to the Great Recession, which became the longest this country has ever endured and the worst economic crisis since the Great Depression.

Most news reports at the time blamed families who purchased homes they could not afford with mortgage terms too draconian for any person to reasonably manage. However, these reports (which may be accurate on an individual level) are wrong in the aggregate. Owning a home then and now is still the safest and most reliable way to build a solid foundation for wealth security — for you and your family.

Creating A Foundation for Wealth

Real estate and your first home is your first large asset that will appreciate in value. You can use the equity to acquire huge lines of credit that you can use to acquire even bigger ticket items. Moreover, your home is your refuge. If you are hit with an unexpected major expense, you can tap into your home’s equity and use it to acquire loans to pay the bill (like an unexpected medical bill). Your home is your foundation and refuge from financial turmoil; more so than stocks, bonds, investments, and savings accounts.

One of the few maxims that hold true in economics and investment strategies is that real estate always appreciates in value. Homes almost always gain value year-over-year (except when a recession strikes, however, even then, home prices recover). In fact, this recovery is unusual in how long it took for prices to recover, though property values did recover. Homes now are more valuable than they have ever been in San Diego.

San Diego is a boomtown for property owners with rentals and for first-time homebuyers. Prices are increasing substantially each year. This means when you buy your first home, it will only take a few years for your equity buildup to become large enough to pay off the last of your student loans, redo the kitchen, or perhaps even acquire a second home to use as a rental.

Additionally, the property taxes you pay to California can be used to offset your federal taxes. You can also deduct the interest portion of your mortgage payment from your taxes. Owning your home opens up huge opportunities to save money and build wealth at the same time.

The investment and wealth building options when you own real estate are substantial. Owning your home is your first step into this new world where you can begin dictating loan terms.

Freedom to Create Your Dream Home

Renters are consistently hemmed in. When you rent, landlords tell you which pets you’re allowed to have (if you’re even allowed any), whether you can repaint the property, along with many other restrictions. Does your dream home have wooden floors? Unless you’re lucky enough to find a place that has them, you can’t have those gorgeous floors if you rent.

After renting for a few years, these restrictions start to feel normal. But once you purchase your own home, you’ll love having the freedom to choose everything from the flooring to the pets that complete your family.

When you own your home, you’ll experience the rush that comes with the freedom personalize and create your dream space. You can pick your paint, choose additions, knock down walls, change the bathroom, and upgrade the kitchen. Your only limitations are your imagination and cash flow.

Never Worry About Rising Rents Again

When you rent an apartment, you are probably stuck on the standard one-year lease. In San Diego, it’s likely that your landlord will raise your monthly rent a few hundred dollars every year until you can no longer afford it.

Home payments are much more predictable. When you own a home, you are locked into your mortgage for a fixed term that’s typically between 20 and 40 years. That means your mortgage payments will be the same every month for the life of the loan.

Your housing costs are static and predictable, which frees up more of your money to invest in other ways, like retirement and stocks.

Whether you’re a first-time homebuyer, looking to buy a larger home, or seeking an investment property, you’ll never find a better time to buy in San Diego.