The average net worth of a Homeowner is 36x that of a Renter. This according to the latest Survey of Consumer Finances which is conducted every three years by the Federal Reserve.
Some of the other findings in the report as it pertains to homeownership:
- The average American family has a net worth of $81,200
- Of that amount, 61.4% ($49,856) is in home equity
- The average homeowner has a net worth of $194,500 while the average renter has a net worth of $5,400
Those last two numbers are pretty startling, even to those of us who are in the business. And this just goes to underscore that homeownership is still a great way to build family wealth. Put those rent dollars to work building equity in your pocket instead of the landlord’s!
View more details and numbers from the Fed’s official bulletin on the report here.