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    A Great Way to Increase Your Family’s Net Worth

     

    Every three years, the Federal Reserve conducts its Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016.

    The study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased 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 Gallup reported Americans picked real estate as the best long-term investment for the sixth year in a row. According to this year’s results, 35% of Americans chose real estate. Stocks followed at 27%, then savings accounts and gold.

    Bottom Line

    If you want to find out how you can use your monthly housing cost to increase your family’s wealth, let’s get together to help you through the process.

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    Testimonials

    Under normal circumstances, I am confident that Amna Hasan and The DeGrood Team would be great, because when we bought our very first home during the pandemic, they were phenomenal! Amna was always available to answer any questions we had and everyone we worked with on the team followed up promptly despite the crazy state of affairs. Amna was knowledgeable when it came to how to present our offer and how to handle the inspection objections. She was there with us every step of the way during the …
    Ann R.