In the latest survey by the Federal Reserve, which is conducted every three years, it is reported that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). It is predicted that by the end of 2016, the net worth gap will widen even further to 45 times greater.
Homeownership 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 bottom line is that homeownership is still a great way for a family to build wealth in America. If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, meet with us and we can guide you through the process.