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The Net Worth Of A Homeowner Is 44x Greater Than A Renter!

Posted by David E. DeChant on Monday, August 20th, 2018 at 9:01am.

 

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 house to move to a home that better fits your current lifestyle, meet with a real estate professional in your area who can guide you through the process.

Bottom Line:

Talk to a REDCO Agent today about how Owning your own home can vastly increase your personal wealth, for now and for your future!

 

 

Source: https://www.keepingcurrentmatters.com/2018/08/20/the-net-worth-of-a-homeowner-is-44x-greater-than-a-renter/ 

3 Responses to "The Net Worth Of A Homeowner Is 44x Greater Than A Renter!"

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Posted on Tuesday, August 21st, 2018 at 11:04am.

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Posted on Wednesday, August 22nd, 2018 at 1:31pm.

What Does The Recent Rash Of Price Reductions Mean To The Real Estate Market? wrote: [...]Your Down Payment? Crowdfund It!
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Posted on Thursday, August 23rd, 2018 at 3:21pm.

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