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.
Guidance and Support Are Key When Buying Your First Home
If you’re not sure where to begin or you simply want help in figuring out how to save for a home, we are here to help you! Call us today 🙂
Three of the Latest Reports Show Housing Market Is Strong
The residential real estate market is remaining resilient as the country still struggles to beat the COVID-19 pandemic.
A Real Estate Pro Is More Helpful NOW than Ever
A recent study shared by NAR notes that both buyers and sellers think an agent is more helpful than ever during the current health crisis.
Home Sales Hit a Record-Setting Rebound
Home prices rose during the lockdown and could rise even further due to heavy buyer competition and a significant shortage of supply.
Two Reasons We Won’t See a Rush of Foreclosures This Fall
Many think we may see a rush of foreclosures this fall, but the facts just don’t add up in this case.
A Remarkable Recovery for the Housing Market
Many experts have said the housing market will lead the way to a recovery, and today we’re seeing signs of that coming to light.
Thinking of Selling Your House? Now May be the Right Time
Housing inventory is down 18.8% from one year ago, and the houses that do come to the market are selling very quickly.
Does Your Home Have What Buyers Are Looking For?
The housing market has plenty of buyers who would benefit from a few more sellers. Are you ready to sell?
Mortgage Rates Hit Record Lows for Three Consecutive Weeks
A lower monthly payment means savings that can add up significantly over the life of a home loan.
Buyers: Are You Ready for a Bidding War?
The imbalance between supply and demand is pushing home prices upward while driving more bidding wars and multiple-offer scenarios.