What's my home worth?
A Great Way to Increase Your Family’s Net Worth
August 19, 2019
Every three years, the Federal Reserve conducts its Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016.
The study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.
Owning a home is a great way to build family wealth.
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 by increasing the equity in your home.
That is why Gallup reported Americans picked real estate as the best long-term investment for the sixth year in a row. According to this year’s results, 35% of Americans chose real estate. Stocks followed at 27%, then savings accounts and gold.
If you want to find out how you can use your monthly housing cost to increase your family’s wealth, meet with a real estate professional in your area who can guide you through the process.
Be on the Lookout for Gen Z: The Next Generation of Homebuyers
October 15, 2019
62% of Buyers Are Wrong About Down Payment Needs
October 07, 2019
How Does the Supply of Homes for Sale Impact Buyer Demand?
September 30, 2019
Is Your House “Priced to Sell Immediately”?
September 23, 2019