I speak with a lot of New Brighton homeowners and renters alike, and it's always interesting to hear their opinions on whether homeownership make sense financially or not. I think almost everyone can agree that owning a home is a lot of work. One thing people don't understand is that it can also be very beneficial for your bottom line!
To illustrate this, the FED did a study on the different net worths of home owners and renters and what they found was very interesting.
- The average American family has a net worth of $77,300
- Of that net worth, 61.4% ($47,500) of it is in home equity
- A homeowner’s net worth is over thirty times greater than that of a renter
- The average homeowner has a net worth of $174,500 while the average net worth of a renter is $5,100
I'd have to agree and say that New Brighton, MN or any other city in Minnesota, are no different. Homeownership makes sense. Bottom line!
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