Are Your Housing Cost Working For You

Dated: 09/01/2017

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The Federal Reserve conducts their Survey of Consumer Finances  in which they collect data across all economic and social groups every three years. The latest survey, 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. Until the report comes out, 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)!

What does this mean to you as a buyer?  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.

Thelatest National Housing Pulse SurveyfromNARreveals that 84% of consumers believe that purchasing a home is a good financial decision. William E. Brown comments:

“Despite the growing concern over affordable housing, this survey makes it clear that a strong majority still believe in homeownership and aspire to own a home of their own. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top reasons to own a home.

If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, let’s get together and evaluate your ability to buy today!

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Marvette Cofield

Your real estate journey should be an AWESOME experience, if not, I have not done my job. Success is defined by my client’s satisfaction when they achieve their specific real estate goals. I take gr....

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