The Federal Reserve administers its Survey of Consumer finances every three years. Information is gathered by researching across all economic and social groups. The most current report dates from 2013 thru 2016.
The report shows that the median net worth of a homeowner is $231,400 - a 15% increase since 2013. Over the same period, the median net worth of renters decreased by 5% ($5,200 currently as compared to $5,500 in 2013). This research shows a homeowner's net worth is more than 44 times greater than that of a renter.
Home Ownership is a tremendous path towards increasing net worth
As in past posts, owning a home is a form of "forced savings." With each mortgage payment, you are adding to your net worth by increasing the amount of equity in your home.
According to a recent Gallup poll, for the sixth consecutive year, Americans chose real estate as the best option for long-term investment. Stocks came in second, and savings accounts and gold were chosen as third best option.
If you are interested in learning more about increasing you net worth thru home ownership, let's have a conversation!
Start Your Fort lauderdale search here:
Fort Lauderdale Neighborhoods