Homeowner’s Net Worth is
45x Greater Than a Renter’s
Every three years the Federal Reserve conducts a Survey of ConsumerFinances in which they collect data across all economic
and social groups. The latest survey, which includes data from 2010-2013,
reports that a homeowner’s net worth is 36 times greater than that of a renter
($194,500 vs. $5,400).
In a Forbes article the National Association of Realtors’ (NAR) Chief EconomistLawrence
Yun predicts that in 2016 the net worth gap will widen even further to 45 times
greater.
The graph below
demonstrates the results of the last two Federal Reserve studies and Yun’s prediction:
Put
Your Housing Cost to Work For You
Simply put,
homeownership is a form of ‘forced savings’.
Every time you pay your mortgage you are contributing to your net worth.
Every time you pay your rent, you are contributing to your landlord’s net worth.
The latest National Housing Pulse Survey from NAR
reveals that 85% of consumers believe that purchasing a home is a good
financial decision. Yun comments:
“Though there will always be discussion about
whether to buy or rent, or whether the stock market offers a bigger return than
real estate, the reality is that homeowners steadily build wealth. The simplest
math shouldn’t be overlooked.”
Bottom Line
If you are interested in finding out if you could put your
housing cost to work for you by purchasing a home, let's meet and get you guide you through the process.
How do
you get started? Let's talk
Find
out If you qualify For One of the many low to Zero Down Home
Loans Available Here.
Keji & Associates
of Fairfax Realty is a team of licensed agents working daily to get homes
sold for our clients in all parts of the metro area. We delight our
clients by delivering world class service every step of the way and we
strive to create a win-win situation this is all part of our values and
beliefs. Contact us @ 301-613-2043 , visit
our website www.metrohomesrealty.com
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