Net Worth: A Homeowner’s is 36x Greater Than A Renter!
Over the last six years, homeownership has lost some of its allure as a financial investment. As homeowners suffered through the housing bust, more and more began to question whether owning a home was truly a good way to build wealth.
Every three years the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups.
Some of the findings revealed in their report:
- The average American family has a net worth of $81,200
- Of that net worth, 61.4% ($49,856) of it is in home equity
- A homeowner’s net worth is over 36 times greater than that of a renter
- The average homeowner has a net worth of $194,500 while the average net worth of a renter is $5,400
Bottom Line
There are many reasons why owning a home makes sense, the Fed study shows that owning is still a great way for families to build wealth in America.
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This article was sent to a potential young professional buyer; he appreciated it very much. And it is moving him along in making the decision to enter more deeply into the real estate market.
Thanks for the visuals, too…great!
Very good information shared here. Shared to my business page. Hope you don’t mind.