Every three years, theFederal Reserveconducts theirSurvey of Consumer Financesin 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% increasesince 2013. At the same time, the median net worth of rentersdecreased 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,Gallupreportedthat 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, meet with a real estate professional in your area who can guide you through the process.
Author:Ken Wood Phone: 951-323-7630 Dated: October 13th 2017 Views: 80 About Ken: ...
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"After living in Hawaii 17 years, we decided it was time to move back to California. Not familiar with realtors in Placentia I contacted Veronica to find some listings in the area. Within days she found our house and face timed us. We were really impressed with the house, so we purchased it. She came out to Orange County and handled everything in a timely matter. She made the transition very smooth and stress free."