Net Worth of Homeowners vs. Renters Posted in Economic Updates, by Danielle Hale, Director of Housing Statistics on September 8, 2014 ◦In the past 15 years, the net worth of the typical homeowner has ranged between 31 and 46 times that of the net worth of the typical renter. ◦Homeowner equity is a substantial component of homeowner wealth. The Federal Reserve’s Survey of Consumer Finances, conducted once every three years, provides a snapshot of family income and net worth along with basic demographic details and more detailed information on where families keep the wealth they have accumulated. ◦The most recent survey, conducted in 2013, offers a picture of the situation as home and equity prices normalized for most household balance sheets. ◦Data shows that median homeowners had nearly $200,000 in net worth or 36 times that of the median renter who had just over $5,000. The median value of owners’ homes was $170,000. ◦Many households own a primary residence (65.2 percent). It is the most commonly held non-financial assets after vehicles (86.3 percent).
Posted on: Mon, 22 Sep 2014 16:38:16 +0000
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