The Federal Reserve released a study about the changes in U.S. Finances. What were the results? This bulletin showed that homeownership is still a good financial investment:
- Average American family has a net worth of $77,300 and 61.4% ($47,500) of that net worth is in a home’s equity
- A Homeowner’s net worth is over 30 times greater than that of a renter
- An average homeowner has a net worth of $174,500 (while the average net worth of a renter is $5,100)
Want to build wealth? Own a home.
Information source: The KCM Blog