The South Coast Real Estate Round-Up

Homeowners 36 Times Greater Net Worth Than Renters

October 5th, 2014 5:38 AM by Christopher Terry

Over recent years homeownership as an investment has lost some of its luster. With homeowners suffering through the housing bust, more and more people have begun to wonder if owning a home is really a worth while investment.

A recent study released by the Federal Reserve helps to answer this very question. The survey findings report:

  1. The average American family has a net worth of over $81,000.
  2. 61.4% of that net worth is the equity in their home
  3. The average homeowner has a net worth of $194,500 while the average net worth of a renter is $5,400.
  4. A Homeowners net worth is 36 times greater than a renter.

When you consider that rents are on the rise, that there are first-time buyer programs (a first-time buyer is one who has not owned a home in 3 years) that require as little as 0 down and allow for seller paid closing costs, that mortgage interest rates are still near record lows and home prices are still exceptional, the monthly cost to own can often be less than renting.
 
If you have thought about becoming a homeowner but didn't know how to start visit http://www.ezhomesearch.net/save for details on how we can take you step be\y step through the process.

Christopher Terry is a licensed real estate broker in Ma and RI, has completed the Accredited Buyer Representative Certification, is a graduate of the Certified Distressed Property Institute, holds the prestigious CDPE designation, is a 4-Time winner of the Master Sales Society's 5/50 Award and is the founder of EZ Home Search Real Estate Inc.

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Posted by Christopher Terry on October 5th, 2014 5:38 AM

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