Aug 20 2018 5018 1

Dated: 08/20/2018

Views: 10

The Net Worth of a Homeowner is 44x Greater Than A Renter!

The Net Worth of a Homeowner is 44x Greater Than A Renter! | MyKCM

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

The study revealed that the median net worth of a homeowner 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 fifth 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.

Blog author image

Jeri Patrick

In today’s complex and difficult real estate market you need a professionals who will do whatever it takes to market and sell your home. Jeri Patrick has a team with an established history of succes....

Want to Advertise on this Site?

Latest Blog Posts

Aug 20 2018 5018 1

The Net Worth of a Homeowner is 44x Greater Than A Renter!Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all

Read More

Aug 17 2018 5018 1

The Cost of Waiting: Interest Rates Edition [INFOGRAPHIC]Some Highlights: Interest rates are projected to increase steadily heading into 2019. The higher your interest rate, the more money you

Read More

Aug 16 2018 5018 1

Homebuyers Willing to Sacrifice ‘Must-Haves’ in Favor of Good School DistrictsIt should come as no surprise that buying a home in a good school district is important to homebuyers. According to&

Read More

Aug 15 2018 5018 1

Have You Outgrown Your Starter Home?For many Americans, buying their first home is their first taste of achieving part of the American Dream. There is a sense of pride that comes along with owning

Read More