Homeowners Net Worth Is Still Greater Than A Renters

Homeowners Net Worth Is Still Greater Than A Renters

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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 a􀃗ordable 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 costs to work for you by purchasing a home let's get together and evaluate your ty ability to buy today! 


For more information, call my cell 724.321.9000, office 888.298.7264 x.784 or visit http://www.michelefrederick.paexprealty.com/


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Phone: 724-321-9990
Dated: January 31st 2018
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