How Can I Increase My Familys Net Worth

Dated: February 25 2019

Views: 94

How Can I Increase My Family’s Net Worth?

How Can I Increase My Family’s Net Worth? | MyKCM

Every three years, the Federal Reserve conducts their Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016.

The study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 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.

Owning a home is a great way to build family wealth.

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 Gallup reported that Americans picked real estate as the best long-term investment for the fifth year in a row. According to this year’s results, 34% of Americans chose real estate. Stocks followed at 26%, and then gold, savings accounts/CDs, or bonds.

Bottom Line

If you want to find out how you can use your monthly housing cost to increase your family’s wealth, let’s get together to guide you through the process.

Blog author image

Jennifer Dorn

Jennifer Dorn is an Associate Broker with Berkshire Hathaway HomeServices Select Realty (BHHS Select Realty) and served as the Managing Broker for both Realty World Select (RWS) and BHHS Select Realty....

Latest Blog Posts

Your House May Be High On The Buyer Wish List This Holiday Season 11252020

Your House May Be High on the Buyer Wish List This Holiday SeasonAround this time each year, many homeowners decide to wait until after the holidays to sell their houses. Similarly, others who

Read More

Your House May Be High On The Buyer Wish List This Holiday Season

Your House May Be High on the Buyer Wish List This Holiday SeasonAround this time each year, many homeowners decide to wait until after the holidays to sell their houses. Similarly, others who

Read More

Is Buying A Home Today A Good Financial Move 11242020

Is Buying a Home Today a Good Financial Move?There’s no doubt 2020 has been a challenging year. A global pandemic coupled with an economic recession has caused heartache for many. However, it has

Read More

Is Buying A Home Today A Good Financial Move

Is Buying a Home Today a Good Financial Move?There’s no doubt 2020 has been a challenging year. A global pandemic coupled with an economic recession has caused heartache for many. However, it has

Read More