CT Homeowner's Net Worth Is 45x Greater Than A Renter's

By
Real Estate Broker/Owner with Dave Jones Realty, llc. 0789397

Homeowner’s Net Worth Is 45x Greater Than a Renter’s | Keeping Current Matters

Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a CT homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).

In a Forbes article, the National Association of Realtors’ (NAR) Chief EconomistLawrence Yun predicts that by the end of 2016, the net worth gap will widen even further to 45 times greater.

The graph below demonstrates the results of the last two Federal Reserve studies and Yun’s prediction:

Homeowner’s Net Worth Is 45x Greater Than a Renter’s | Keeping Current Matters

Put Your Housing Cost to Work for You

As I’ve said before, simply put, homeownership in CT is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth. Every time you pay your rent, you are contributing to your landlord’s net worth.

The latest National Housing Pulse Survey from NAR reveals that 85% of consumers believe that purchasing a home is a good financial decision. Yun comments:

“Though there will always be discussion about whether to buy or rent, or whether the stock market offers a bigger return than real estate, the reality is that CT homeowners steadily build wealth. The simplest math shouldn’t be overlooked.”

Bottom Line

If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, meet with a real estate professional in from Dave Jones Realty who can guide you through the process.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Connecticut New Haven County
Tags:
real estate
real estate ct
ct home buyers
dave jones realty
rent a home or buy a home
ct home buying
rent vs buy in ct
ct home buying getting preapproved for a mortgage in ct
ct home buying vs home renting
ct home buyers tips

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
254,738

Dave Jones

Broker/Owner - e-PRO Dave Jones Realty llc Prospec
Contact me here!
*
*
*
*
Spam prevention

Additional Information