Net Worth Of Homeowners 44X Greater Than Renters

Dated: 10/12/2017

Views: 266

Image title

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

The study revealed that the 2016 median net worth of homeowners 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 fourth 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.

Latest Blog Posts

Have You Outgrown Your Starter Home?

Source: Real Estate with  GUY & JOI MCKINNEYHOMEVIDEOSLANGUAGE FREE BUYING/SELLING GUIDES Have You Outgrown Your Starter Home?Have You Outgrown Your Starter Home? 

Read More

Are You Thinking of Selling Your Home? Competition Is Coming!

Are You Thinking of Selling Your Home? Competition Is Coming!Monday August 13th, 2018 The number of building permits issued for single-family homes is the best indicator of how many newly built

Read More

Sellers--Time to List to Beat Increasing Competition

Are You Thinking of Selling Your Home? Competition Is Coming! Monday August 13th, 2018The number of building permits issued for single-family homes is the best indicator of how many newly built

Read More

Kaufman County July 2018 Housing Market Update: Supply & Demand Continue to Dictate Future Home Prices

Many ask if home prices will continue to appreciate throughout the remainder of 2018? The answer is simple: YES! – as long as there are more purchasers in the market than there are available

Read More