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.
If Your House Hasn’t Sold Yet, It May Be Overpriced
With today’s higher mortgage rates already putting a stretch on their budget, buyers are being a bit more sensitive about price.
The Perfect Home Could Be the One You Perfect After Buying
Take a close look at your wish list and considering what features you really need in your next home versus which ones are nice-to-have.
Why You Need To Use a Real Estate Agent When You Buy a Home
When it comes to buying a home, there are a lot of moving pieces. That’s why the best place to start is connecting with a real estate agent.
When You Sell Your House, Where Do You Plan To Go?
Working with a real estate agent throughout the process is mission-critical to your success. They’ll help you explore all of your options.
Experts Project Home Prices Will Rise over the Next 5 Years
Experts project home prices will continue to rise across the country for years to come at a pace that’s more normal for the market.
Are The Top 3 Housing Market Questions on Your Mind?
When it comes to what’s happening in the housing market, there’s a lot of confusion going around right now.
Is Wall Street Buying Up All the Homes in America?
Are institutional investors, like large Wall Street Firms, really buying up so many homes that the average person can’t find one?
Are There Actually More Homes for Sale Right Now?
If you’re looking to buy, you may have slightly more options than you did in recent months, but you still need to brace for low inventory.
Is Your House the Top Thing on a Buyer’s Wish List this Holiday Season?
Anyone shopping for a new home between Thanksgiving and New Year’s is likely going to be a serious buyer.
People Are Still Moving, Even with Today’s Affordability Challenges
It’s true that buying a home has become more expensive over the past couple of years, but people are still moving.