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 data, covering 2013-2016 was released two weeks ago.
The study revealed that the 2016 median net worth of homeowners was $231,400 - a 15% increasesince 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.
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 by increasing the equity in your home.
That is why, for the fourth year in a row, Gallup reported that Americans picked real estate as the best long-term investment. This year’s results showed that 34% of Americans chose real estate, followed by stocks at 26% and then gold, savings accounts/CDs, or bonds.
If you want to find out how you can use the increased equity in your home to move to a home that better fits your current lifestyle, let’s get together to discuss the process.
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Charles Chapman has more than 25 years' experience in the Montgomery County real estate market. He has been a full-time agent through rising markets and good times, and also through falling markets and bad times. Being a native Marylander, he has a wealth of knowledge about the area. He faithfully represents his clients, both buyers and sellers, and guides them safely through what may be the largest and most emotional purchase or sale of their lives. He brought his partner Debbie Browne to work with him over 20 years ago, and together they are an exceptional team. Big-picture overview plus attention to detail, combined with in-depth knowledge and outstanding customer service, make for a streamlined process.
Office Phone : 240-356-2146
Cell Phone: 240-351-8214
Will Home Prices Fall This Year? Here’s What Experts Say.Many people
Some Highlights If you’re thinking about selling your h
"We offer Charles Chapman our highest recommendation, as well as our highest regard, when it comes to either buying or selling a property. We both sold a property and bought one, and both experiences were smooth and easy—painless! He had knowledge and a plan. We just cannot say enough nice things about Charlie."
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