Every three years, the Federal Reserve conducts theirSurvey of Consumer Financesin which they collect data across all economic and social groups. The latest survey data, covering 2013-2016 was released two weeks ago.
The study revealed that the 2016 median net worth of homeowners was $231,400 -a 15% increasesince 2013. At the same time, the median net worth of rentersdecreased by 5%($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.
Owning a home is a great way to build family wealth
As we’ve said before, simply put, homeownership is a form of‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.
That is why, for the fourth year in a row,Gallupreportedthat Americans picked real estate as the best long-term investment. This year’s results showed that 34% of Americans chose real estate, followed by stocks at 26% and then gold, savings accounts/CDs, or bonds.
Greater equity in your home gives you options
If you want to find out how you can use the increased equity in your home to move to a home that better fits your current lifestyle, let’s get together to discuss the process.
Author:Angela Cotten Phone: 817-470-0081 Dated: October 12th 2017 Views: 224 About Angela: Results, Integrity, Attitude & Honesty. If superior representation with a caring touch is what you ...
Seana is a native Texan and has lived all over the Lone Star State. She & her family now call Frisco home. She has a background in graphic design, advertising, and a passion for home staging and decorating. With her attention to detail and her staging know how, she will do everything she can to ensure your home sells for top dollar or help you make the house you've found your dream home!
Seana specializes in her home town of Little Elm & the Frisco area: Prosper, Aubrey, McKinney, Allen and Plano, but works with buyers & sellers all across the DFW Metroplex. She is a member of the National Association of Realtors and the Collin County Association of Realtors.
In her personal time Seana loves graphic design and painting, loves spending time with her husband and two daughters. She enjoys watching her girls play softball, dance (& sing!) and is an active family participant in the March of Dimes March for Babies fundraising event each year.
Seana’s outgoing personality will put you at ease when selling your home or searching for your new home. Give her a call and you’ll see first hand!! “Here for you from Start to Close” isn’t just her tagline, it's the way she does business.