Homeowners Net Worth Is Still Greater Than A Renters

Dated: 08/17/2017

Views: 10

Homeowner’s Net Worth Is Still Greater Than a Renter’s


Homeowner’s Net Worth Is Still Greater Than a Renter’s | MyKCM

Every three years, the Federal Reserve conducts their Survey of 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 latest survey data, covering 2014-2016 will be released later this year. In the meantime, Lawrence Yun, the National Association of Realtors’ Chief Economist estimates that the gap has widened even further, to 45 times greater ($225,000 vs. $5,000)! 

Put Your Housing Cost to Work for You

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. Every time you pay your rent, you are contributing to your landlord’s net worth.

The latest National Housing Pulse Survey from NAR reveals that 84% of consumers believe that purchasing a home is a good financial decision. William E. Brown comments:

“Despite the growing concern over affordable housing, this survey makes it clear that a strong majority still believe in homeownership and aspire to own a home of their own. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top reasons to own a home. 

Bottom Line

If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, let’s get together and evaluate your ability to buy today!

Want to Advertise on this Site?

Latest Blog Posts

Almost New Townhouse Near Future Ashburn Metro

22634 Cambridgeport Square$549,999 Townhouse 4 Beds, 3 Baths, 2 Half Baths, Ashburn Open House Sun 01:00:00 PM - 04:00:00 PMOpen House! Sun 01:00:00 PM - 04:00:00 PM FIRST OPEN HOUSE!

Read More

Home Prices Have Appreciated

Home Prices Have Appreciated 6.9% in 2018 Between 1987 and 1999, which is often referred to as the ‘Pre-Bubble Period,’ home prices grew at an average of 3.6% according to the Home

Read More

NAR Reports Show Its A Great Time To Sell

NAR Reports Show It’s A Great Time to Sell! We all realize that the best time to sell anything is when the demand for that item is high and the supply of that item is limited. The last two

Read More

4 Reasons Why Fall Is A Great Time To Buy A Home

4 Reasons Why Fall Is A Great Time to Buy A Home! Here are four great reasons to consider buying a home today instead of waiting. 1. Prices Will Continue to Rise CoreLogic’s latest

Read More