Hello and

welcome to Moneygirls quick and dirty tips for a richer life.

Today's topic, tips for creating long-term wealth with real estate.

Several years ago, when my grandfather passed away, I saw the statement from the probate of his estate.

By the end of his life at the ripe old age of nearly 90, most of his retirement savings had been spent.

Where was his wealth when he died? In his Westport, Connecticut house, which he and my grandmother owned for more than 40 years.

During his working life as a chemical engineer and later, after he retired, his house was quietly working away too, chugging along and

generating considerable equity over time. The lesson to take away from this

little story is simple and really important. Over time

real estate goes up in value and over the long term it can go up a lot. Although

appreciation has slowed recently in the U.S.

Owning real estate for the long term can be a powerful wealth-building strategy.

As the old saying goes, don't wait to buy real estate, buy real estate and wait.

On average, homeowners have higher net worse than renters.

According to the U.S. Federal Reserve's survey of consumer finances, the average net worth of renters is $54,000.

But the average net worth of homeowners is $625,000 more than 11 times more.

If you don't already own your own home, consider making it a goal to buy one.

It's easier than you might think. There are many

loan programs available that allow for low and in some cases even no down

payment for homebuyers. And keep in mind you don't necessarily have to live in the home you buy.

If you live in a pricey area and can't afford or don't want to buy there,

consider buying a home in another city where the prices are lower, rents in the economy are strong, and the population

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