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.
The Federal Reserve conducts a Survey of Consumer Finances, every three years, and just released their latest edition this past week.
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
The Fed study found that homeownership is still a great way for a family to build wealth in America.
Now might just be the time to start your research on buying a home.
We have a team of experts who know the market, understand the questions you have about making this investment in your future, and know how to find you that dream home at your dream price.
Contact our team today.
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Photo Credit: KCM