Net Worth Comparison for Homeowners versus Renters
Statistics according to the June 2012 Federal Reserve Bulletin’s 2007-2010 Survey of Consumer Finances.
The net worth advantage for homeowners remains compelling!
At its height in 2007, the median Homeowner’s net worth was approximately $246,000 while the Renter’s median was $5,400, a difference in wealth of more than $240,000.
Since the 2007 housing crash, Renters net worth dropped only $300, while Homeowners lost $71,500. However, the financial gap between Homeowners and Renters remains significant. Although property owners lost a much higher dollar amount from 2007-2010, they still emerged with nearly 35 times the net worth of a renter and remained $169,400 wealthier.
It is undeniable that the housing bust has had a massive and ongoing adverse impact on the middle class and homeowners took the brunt of the impact since homes make up most of the middle class’ wealth. However, even in the wake of the historic 2007 collapse, the numbers still illustrate the advantage of owning versus renting.
As you consider the prospect of renting versus owning, David Brodsky Properties is capable of and pleased to offer a strategy that makes the most sense for your individual needs. Contact us today in order to get started. Email will be received at email@example.com and calls will be answered at 512.481.8811