Every three years, the Federal Reserve conducts its 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,Beacon Hill condo home ownership 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 downtown Boston condo.
That is why Gallup reported Americans picked real estate as the best long-term investment for the sixth year in a row. According to this year’s results, 35% of Americans chose real estate. Stocks followed at 27%, then savings accounts and gold.
Bottom Line
If you want to find out how you can use your monthly downtown Boston real estate cost to increase your family’s wealth, let’s get together and view some Beacon Hill, Back Bay or Boston Seaport condos for sale and start the process of downtown Boston real estate ownership.
Today’s newest Boston condos for sale – Updated in real time
Sorry we are experiencing system issues. Please try again.
Boston Beacon Hill Condos for Sale
Sorry we are experiencing system issues. Please try again.
Click here to view The Most Recent Beacon Hill Condo Sales Data Reports
