My Account
330-227-2218
Free Consultation
Homeownerships Impact on Net Worth
October 15th, 2013
Over the last five 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. In a recent study by the Federal Reserve that question was formally answered.
Some of the findings revealed in their report:
- The average American family has a net worth of $77,300
- Of that net worth, 61.4% ($47,500) of it is in home equity
- A homeowner’s net worth is over thirty times greater than that of a renter
- The average homeowner has a net worth of $174,500 while the average net worth of a renter is $5,100
Bottom Line
The Fed study found that homeownership is still a great way for a family to build wealth in America. Experience matters when choosing a mortgage company. Contact one of our licensed mortgage professionals today for a complimentary mortgage review.
Call 330-227-2218