Check out what the Federal Reserve Survey of Consumer Finances shows:
In the past 15 years, the net worth of the typical homeowner has ranged between 31 and 46 times that of the net worth of the typical renter.
Homeowner equity is a substantial component of homeowner wealth. The Federal Reserve’s Survey of Consumer Finances, conducted once every three years, provides a snapshot of family income and net worth along with basic demographic details and more detailed information on where families keep the wealth they have accumulated.
The most recent survey, conducted in 2013, offers a picture of the situation as home and equity prices normalized for most household balance sheets.
Data shows that median homeowners had nearly $200,000 in net worth or 36 times that of the median renter who had just over $5,000. The median value of owners’ homes was $170,000.
Many households own a primary residence (65.2 percent). It is the most commonly held non-financial assets after vehicles (86.3 percent).
Please give me a call is you are looking at buying a home. I’ve been in the business for over 20 years and I have a wealth of experience. Visit my website: Tampa2Enjoy Real Estate
Renting can look very enticing if you are only thinking of the short term. But rent and home prices go up (way up) over time. So if someone continues to rent where are they going to be in 20, 30 or 50 years. Are they going to have a nest egg for retirement?
Interesting video below: