Homeowners vs. Renters
* 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).
* Whether you prefer to rent or buy, you can count on Metro City Realty agents to find you the perfect home to suit all of your wants and needs. Contact one of our agents today!
Source: Net Worth of Homeowners vs. Renters,” The National Association of Realtors