The Net Worth of A Homeowner is 44X Greater Than A Renter!

Dated: 08/21/2018

Views: 312


Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data, covering 2013-2016 was recently released.

The study revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).

These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.

Owning a home is a great way to build family wealth

As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.

That is why, for the fifth year in a row, Gallup reported that Americans picked real estate as the best long-term investment. This year’s results showed that 34% of Americans chose real estate, followed by stocks at 26% and then gold, savings accounts/CDs, or bonds.

Greater equity in your home gives you options

If you want to find out how you can use the increased equity in your home to move to a home that better fits your current lifestyle, let’s get together to discuss the process.

 


 

Disclaimer: Article sources from Eric Halsor at Lending Hand Mortgage

To view the Survey of Consumer Finances, click here.

Latest Blog Posts

HIDDEN FEES TO BE AWARE OF WHEN PURCHASING A HOME

Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don't forget there will be other costs associated with your purchase then

Read More

Why is now a good time to buy a home?

Why is now a good time to buy a home?There is nothing fundamentally wrong with the housing market, especially here in Florida and the Tampa Bay area. We'll probably see some people lower their

Read More

Real estate is Still all about relationships and 2020 is not lost

There are a lot of "How to" articles written about post Covid-19 business. Pivot, change, adapt.The fact is if you're a Realtor you should be doing what you always should have been doing, building

Read More

Housing Market

www.homesnap.com/noemi-williamsStill, prospects of the U.S. housing market are considered to be bright in 2020, primarily due to low mortgage rates. ... It can be said that

Read More