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: 201 About Angela: Results, Integrity, Attitude & Honesty. If superior representation with a caring touch is what you ...
Erick Murphy grew up in the heart of Dallas and has called it home for most of his life. After serving six years in the US Air Force, he began his career in business to business sales, honing his negotiation skills on multi-million dollar deals in the healthcare industry. In 2009, Erick decided to bring these skills into Real Estate.
Erick provides a level of customer service that is second to none, ensuring that he knows what his clients want and need, and then working tirelessly to make it happen. When it comes time to negotiate, his approach is notorious for earning top dollar for listings, and the lowest, fair price for his buyers.
Erick is also lead singer for the band Acoustic Kleptos, so you can find him often playing a guitar and belting out classic tunes at his neighborhood winery. If you enjoy golf, there’s a good chance you can talk him into a round or two, and an even better chance you’ll beat him.
Erick aims to be your REALTOR for life, and will go the extra mile to make your experience enjoyable and stress free. He, Along with JP and Associates, are sure to help you achieve your real estate goals.