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

Dated: 08/30/2018

Views: 93

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.

Michael Morningstar
Real Living Kee Realty
M: 810-310-1219
E: Michael.Morningstar@realliving.com
W: www.SoldByMorningstar.com

Latest Blog Posts

Home for Sale - 25201 Rosenbusch - Warren

Large 3 bed, 1 bath ranch in desirable neighborhood. Home has a newer roof, stove and refrigerator. Home is in really good shape. Large family room. Large lot. 1 car garage. Home is tenant occupied

Read More

Home for Sale - 37521 Brynford Drive - Clinton Township

Warm light brightens up your life in this East/West facing condo. Enjoy majestic sunsets overlooking a large yard from your deck under under the shade of the power-covered awning. Top-down bedroom

Read More

Home for Sale - 17890 Martin Road - Roseville

Welcome Home! This charming, move in ready Roseville bungalow won't last long! This home features a beautiful kitchen and eating area along with a sun room that leads to an amazing gazebo covered

Read More

Home for Sale - 11198 Regal - Sterling Heights

Put your running shoes on! This won't last. Perfect for first time buyers. Updated and meticulously maintained. Wood floors thru out living room and bedrooms. Vinyl windows, six panel doors, updated

Read More