Should I Wait for Lower Mortgage Interest Rates? #thegloverteamHistorically low mortgage rates are a big motivator for homebuyers right now. In 2020 alone, rates hit new record-lows 16
The Net Worth Of A Homeowner Is 44x Greater Than A Renter
Dated: August 21 2018
Views: 55
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data, covering 2013-2016 was recently released.
The study revealed that the median net worth of a homeowner was $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, for the fifth year in a row, Gallup reported that Americans picked real estate as the best long-term investment. This year’s results showed that 34% of Americans chose real estate, followed by stocks at 26% and then gold, savings accounts/CDs, or bonds.
Greater equity in your home gives you options
If you want to find out how you can use the increased equity in your home to move to a home that better fits your current lifestyle, let’s get together to discuss the process.
If you are looking to buy or sell your home, please contact Tricia Glover and The Glover Team at 540-846-0185.
Tricia Glover
As an agent who's an expert in this local area, I bring wealth of knowledge and expertise about buying and selling real estate in the Northern Virginia Area. It's not the same everywhere, so you need....
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