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A Homeowner's Net Worth is 45x Greater Than a Renter's!
Every three years, the Federal Reserve conducts a
Surveyof Consumer Finances
in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner's net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).
, the National Association of Realtors' (NAR) Chief Economist Lawrence Yun predicts that in 2016 the net worth gap will widen even further to 45 times greater.
The graph below demonstrates the results of the last two Federal Reserve studies and Yun's prediction:
Put Your Housing Cost to Work for You
is a form of '
.' Every time you pay your mortgage, you are contributing to your net worth. Every time you pay your rent, you are contributing to your landlord's net worth.
National HousingPulse Survey
from NAR reveals that 85% of consumers believe that purchasing a home is a good financial decision.
"Though there will always be discussion about whether to buy or rent, or whether the stock market offers a bigger return than real estate, the reality is that homeowners steadily build wealth. The simplest math shouldn't be overlooked."
If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, call The Militello Team today and we can discuss your next steps!
Joseph Militello (978) 815-3877
Kathleen Militello (978) 500-1480
Source: Keeping Current Matters
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