My husband and I recently went on a trip to the Rivers Edge Cottages in Watson Oklahoma and wondered why we hadn't done it sooner. As we approached the office to check in to our cabin we lost
Homeowners Net Worth Is STILL Greater Than A Renters
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).
The latest survey data, covering 2014-2016 will be released later this year. In the meantime, Lawrence Yun, the National Association of Realtors’ Chief Economist estimates that the gap has widened even further, to 45 times greater ($225,000 vs. $5,000)!
Put Your Housing Cost to Work for You
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. Every time you pay your rent, you are contributing to your landlord’s net worth.
If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, meet with a real estate professional in your area who can guide you through the process.
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Here are some facts that may be able to help you determine what type of loan is best for you. There are generally 3 types of loans from which to choose depending on your current financial