How Can I Increase My Familys Net Worth

Dated: 02/25/2019

Views: 97

How Can I Increase My Family’s Net Worth? | Simplifying The Market

How Can I Increase My Family’s Net Worth?

   First Time Home Buyers, For Buyers, Move-Up Buyers, Rent vs. Buy

Every three years, the Federal Reserve conducts their Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016.

The study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).

These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.

Owning a home is a great way to build family wealth.

As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.

That is why Gallup reported that Americans picked real estate as the best long-term investment for the fifth year in a row. According to this year’s results, 34% of Americans chose real estate. Stocks followed at 26%, and then gold, savings accounts/CDs, or bonds.

Bottom Line

If you want to find out how you can use your monthly housing cost to increase your family’s wealth, let’s get together to guide you through the process.

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Adam Crocker

Hi, I’m Adam Crocker and I've lived in the Pacific Northwest for over 25 years! I love meeting new people and helping them purchase or sell their existing home! I work very hard for all my clients, ....

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