The most informative, educational, no-B.S. blog about Denver Market Trends and Denver Real Estate, by the Denver House Guy himself. Period.
Wednesday, September 10, 2014
Homeowners Net Worth 40 Times that of Renters
Home owners are building net worth at a pace that is up to quadruple that of a renter. Check out these stats:
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.
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).
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.