Over the last six years, home ownership 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.
Every three years the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups.
Some of the findings revealed in their report:
- The average American family has a net worth of $81,200.
- Of that net worth, 61.4% ($49,856) of it is in home equity.
- A homeowner’s net worth is over 36 times greater than that of a renter.
- The average homeowner has a net worth of $194,500 while the average net worth of a renter is $5,400.
There are many reasons why owning a home makes sense.
The Fed study shows that owning is still a great way for families to build wealth in America.
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Jim Starwalt, Real Estate Broker
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2015 Home Buying - Still a Great Way to Build Wealth