The homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400) according to the latest survey conducted by the Federal Reserve. The survey includes data from 2010 to 2013.
The Federal Reserve conducts a Survey of Consumer Finances every three (3) years. In which, they collect date across all economic groups.
Lawrence Yun, National Association of Realtors’ (NAR) Chief Economist, predicts that the net worth gap will widen even further to 45 times greater.
Home ownership is a form of forced savings. You are contributing to your net worth every time you pay your mortgage.
However, if you are paying for your rent, you are contributing to your landlord’s net worth.
Eighty-five percent of consumers believe that purchasing a home is a good financial decision according to the latest National Housing Pulse Survey from NAR.
“Though there will always be discussion about whether to buy or rent, or whether the stock market offers a bigger return than real estate, the reality is that homeowners steadily build wealth. The simplest math shouldn’t be overlooked,” says Yun.
Asking the help of a professional before buying your home is important.
At Burgess Group Realty LLC, we help our clients find the best deals in the market. Let’s meet up so we can help you buy your home.
CALL Catherine at 303.506.5669.
