It pays to own a home

09/12/2014

It pays to own a home

It pays to own a home

 

WASHINGTON – Sept. 10, 2014 – Homeowners are building net worth at a pace up to four times faster than renters.

In the past 15 years, the net worth of a typical homeowner has ranged between 31 and 46 times that of the typical renter, according to the Federal Reserve's Survey of Consumer Finances, which is based on 2013 data.

On average, homeowners had nearly $200,000 in net worth compared to the average $5,000 net worth of renters, according to the survey.

"Homeowner equity is a substantial component of homeowner wealth," says Danielle Hale, research economist at the National Association of Realtors® on the association's Economists' Outlook blog.

Source: "Net Worth of Home Owners vs. Renters," National Association of Realtors® Economists' Outlook Blog (Sept. 8, 2014)

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