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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
Bottom Line
The Fed study found that homeownership is still a great way for a family to build wealth in America.
Considering a Seattle WA Home Purchase?
We work with our clients every step of the way, from finding the home to closing, we never pass you off to another associate during this important process.
Give Steve and Sandra a call, text or email today!
??-Steve and Sandra
