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

More information on how your home is your “forced saving” account.  Can you believe that a homeowners net worth is 36 times greater than that of a renter?  This latest survey included data from 2010 to 2013.  Home prices have increased even more since then and it is predicted that the new net worth will be about 45 times greater!  What are you waiting for?  Call me so we can get you qualified for a mortgage and into a home of your own!
Courtesy of Keeping Current Matters 2017

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!

Remember it is always toasty in Naples and you deserve to own your home and create a forced savings plan!

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