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Thursday, August 21, 2014

Home Ownership and Net Worth







 
Homeownership's Impact on Net Worth | Keeping Current Matters

Over the last six 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. A study by the Federal Reserve formally answered this question.

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


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Bottom Line


The Fed study found that homeownership is still a great way for a family to build wealth in America.

 

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