Is owning a home 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.


Post by Charles Burnett | Sound Realty Group | charles@soundrealtygroup.com