Net Worth of Homeowners 44X Greater than Renters
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.
To see original article please visit Keeping Current Matters.
When Is the Perfect Time To Move?
No matter when you buy, there’s always some benefit and some sort of trade-off – and that’s not a bad thing.
That’s just the reality of it.
One Homebuying Step You Don’t Want To Skip: Pre-Approval
A preapproval means you’ve cleared the hurdles necessary to be approved for a mortgage up to a certain dollar amount.
The Truth About Credit Scores and Buying a Home
You don’t need perfect credit to buy a home, but your score can have an impact on your loan options and the terms you’re able to get.
What To Save for When Buying a Home
Planning ahead and understanding the costs you may encounter upfront can make buying a home less intimidating and allow you to take control of the process.
Expert Forecasts for the 2025 Housing Market
If you want to find out what’s happening where you live, you need to lean on an agent who can explain the latest trends.
Time in the Market Beats Timing the Market
If you want to buy a home and you’re able to make the numbers work, doing it sooner rather than later is usually worth it.
New Year, New Home: How to Make It Happen in 2025
Buying or selling is a big milestone and a great goal for this year. With the right expert, you’ll feel confident and ready to take on the market.
Simple Steps To Help You Save for Your First Home
Reaching your savings goal doesn’t mean making huge sacrifices overnight – small, consistent steps can get you there over time.
How Eco-Friendly Features Can Boost Your Home’s Value
Not sure which upgrades to prioritize? That’s where a local real estate agent comes in.
The Biggest Perks of Buying a Home This Winter
Since homes generally take longer to sell during the winter, sellers are often more motivated to close a deal.