It's National Homeownership Month in June and here's Reason #10 why you should own your own home:
OWNING A HOME BUILDS YOUR FAMILY'S WEALTH
Here are some stunning statistics from the most recent (September 2014) Federal Reserve Survey of Consumer Finances about how home ownership builds your family's wealth:
The average American family has a net worth of just over $80,000.
Of that $80,000 of net worth, 61+% (about $49,856) is in home equity.
A homeowner's net worth is more than 36 times greater than that of a renter.
- The average homeowner has a net worth of just under $195,000, while the average net worth of a renter is just under $5,500.
And this disparity in net worth is only increasing, as previous studies showed that the average homeowner's net worth was 30 times greater than that of a renter versus the new statistic of 36 times greater, while the average net worth of a homeowner has grown from just under $175,000 to just under $195,000.
One reason for this growing disparity is the cost of owning a home versus the cost of buying a home and its impact on a family's income. As the graph below shows, renters spend almost 30% of their income on rent, while homeowners spend almost half that. Spend less on housing and you have more disposable income left to save, as well.
No doubt that for many Americans, their home is one their most important financial assets providing long term net worth and wealth. Investing in your own home as a path to building your family's wealth is a great idea and a great reason to own your own home.
If you are considering purchasing a home in the Charlotte metro area, I would love an opportunity to earn your business, exceed your expectations, and to prove to you that:
Related Articles On National Homeownership Month:
Reason #1 To Own Your Own Home
- Reason #2 To Own Your Own Home
Reason #3 to Own Your Own Home
- Reason #4 to Own Your Own Home
- Reason #5 to Own Your Own Home
- Reason #6 to Own Your Own Home
- Reason #7 to Own Your Own Home
- Reason #8 to Own Your Own Home
- Reason #9 to Own Your Own Home
- 217,726 Reasons to Own Your Own Home
Stop Renting And Buy A Home If You Want To Build Your Wealth
- What Is The Best Way To Build Your Wealth?