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 weve 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 that Americans picked real estate as the best long-term investment for the fifth year in a row. According to this years results, 34% of Americans chose real estate. Stocks followed at 26%, and then gold, savings accounts/CDs, or bonds.
Bottom Line
If you want to find out how you can use your monthly housing cost to increase your familys wealth, lets get together to guide you through the process.
