The Federal Reserve collects data across all economic and social groups every three years for their Survey of Consumer Finances. In the latest survey, which includes data from 2010-2013, it was reported that a homeowner has a net worth 36 times that of a renter ($194,500 vs. $5,400). Experts have predicted, however, that by the end of 2016, the net worth gap will have widened to 45 times greater. The graph below demonstrates the latests results and the predicted results for 2016.
Put Your Housing Cost to Work for You
Homeownership can be seen as a type of "forced savings" because each time you pay your mortgage, you are contributing to your net worth. However, every time a renter pays their rent, they contribute to the net worth of their landlord. If you are interested in finding out if you can put your housing cost to work for you by purchasing your dream home in Greenwood, meet with a real estate professional to discuss your options. Contact us at (864) 341-7774 or email us at lakegreenwoodproperty@gmail.com for more info.
