Mortgage News

The average homeowner has a net worth that is about 41 times greater than that of a renter, according to a report from the National Association of Realtors®. Homeowners' net worth averaged between $150,000 and $200,000 this year, according to the NAR.
The trade group for Realtors® said homeowner equity accounts are a substantial part of that net worth. NAR based its research on results from a 2007 Federal Reserve Survey that provides a snapshot of family income and net worth in conjunction with basic demographic makeup. The Fed survey is conducted once every three years. Homeowner net worth back in 2007 was 46 times greater than that of renters, reflecting the economic conditions before housing price declines and a decreasing equities market. The average net worth of a homeowner was above $200,000, while the average net worth of a renter in 2007 was $5,000. It is interesting to see that while many media outlets have questioned the advantages of purchasing in today’s markets, the numbers supporting owning are quite clear...

Source: Housing Wire