February 12, 2015 rummy 0Comment

Net Worth: A Homeowner's is 36x Greater than a Renters! | Keeping Current Matters

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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Rummy Dhanoa - Broker with New York Real Estate Experts