Rising home prices in many metro areas have helped homeowners build housing wealth in recent years, but the continued decline in homeownership means the gains are going to fewer people and likely leading to worsening inequality in the U.S., according to new research from the National Association of Realtors®.
Over 90 percent of metro areas have experienced declining homeownership rates at a time when home values have risen and incomes have remained flat.
Increasing home values in many regions of the country have helped homeowners build housing wealth in recent years. However, the continued decline in homeownership means this increase in wealth is shared by fewer people and likely leading to worsening inequality in the U.S.
This chart shows the increasing gap between renters and homeowners in regard to family wealth:
If the experts are correct, and a homeowner really will have an average of 40 times the wealth of a renter by the end of this year, doesn’t it make sense to evaluate if a purchase could be in your future? Please call Josh Mettle at (855) 260-9932 or send an email to [email] and let’s see if buying a home makes sense for your financial future.
Thanks to KCM blog and realtor.org for the info in this post.