[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f24ud1cahfi083":3,"$ffeh0925h8cuz":47,"$fbwk2pqjjqsc7":51},{"item":4,"previous":35,"next":41},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":33,"updatedAt":34},38518,"the-dramatic-impact-of-homeownership-on-net-worth","The Dramatic Impact of Homeownership on Net Worth","\u003Cp>If you're trying to decide whether to rent or buy a home this year, here's a powerful insight that could give you the clarity and confidence you need to make your decision.\u003C\u002Fp>","","blog","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240110\u002F20240111-The-Dramatic-Impact-of-Homeownership-on-Net-Worth.png","\u003Cp>If you're trying to decide whether to rent or \u003Ca href=\"\u002F2024\u002F01\u002F03\u002Fthinking-about-buying-a-home-ask-yourself-these-questions\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">buy a home\u003C\u002Fa> this year, here's a powerful insight that could give you the clarity and confidence you need to make your decision.\u003C\u002Fp>\u003Cp>Every three years, the \u003Cem>Federal Reserve\u003C\u002Fem> releases the \u003Ca href=\"https:\u002F\u002Fwww.federalreserve.gov\u002Fpublications\u002Ffiles\u002Fscf23.pdf\" rel=\"noopener noreferrer\" target=\"_blank\">Survey of Consumer Finances\u003C\u002Fa> (SCF), which compares net worth for homeowners and renters. The latest report shows \u003Cstrong>the average homeowner’s net worth is almost 40X greater than a renter’s\u003C\u002Fstrong> (\u003Cem>see graph below\u003C\u002Fem>):\u003C\u002Fp>\u003Cp>\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240110\u002F20240111-Homeowner-Net-Worth-Almost-40x-greater.png\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240110\u002F20240111-Homeowner-Net-Worth-Almost-40x-greater.png\">\u003C\u002Fa>\u003C\u002Fp>\u003Cp>One reason a wealth gap exists between renters and \u003Ca href=\"\u002F2023\u002F11\u002F23\u002Fwhy-homeowners-are-thankful-they-own\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">homeowners\u003C\u002Fa> is because when you’re a homeowner, your \u003Ca href=\"\u002F2023\u002F08\u002F07\u002Ffour-ways-you-can-use-your-home-equity\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">equity\u003C\u002Fa> grows as your home appreciates in value and you make your mortgage payment each month. When you own a home, your monthly mortgage payment acts like a form of forced savings, which eventually pays off when you decide to sell. As a renter, you’ll never see a financial return on the money you pay out in rent every month. Ksenia Potapov, Economist at \u003Cem>First American\u003C\u002Fem>, \u003Ca href=\"https:\u002F\u002Fblog.firstam.com\u002Feconomics\u002Fbuilding-wealth-brick-by-brick\" rel=\"noopener noreferrer\" target=\"_blank\">explains\u003C\u002Fa> it like this:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“Renters don’t capture the wealth generated by house price appreciation, nor do they benefit from the equity gains generated by monthly mortgage payments . . .”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Ch4>\u003Cstrong>The Largest Part of Most Homeowner Net Worth Is Their Equity\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Home \u003Ca href=\"\u002F2023\u002F08\u002F15\u002Fequity-is-a-game-changer-for-homeowners-looking-to-sell\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">equity\u003C\u002Fa> does more to build the average household’s wealth than anything else. According to data from \u003Ca href=\"https:\u002F\u002Fblog.firstam.com\u002Feconomics\u002Fbuilding-wealth-brick-by-brick\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cem>First American\u003C\u002Fem>\u003C\u002Fa>\u003Cem> \u003C\u002Fem>and\u003Cem> \u003C\u002Fem>the\u003Cem> \u003C\u002Fem>\u003Ca href=\"https:\u002F\u002Fwww.federalreserve.gov\u002Feconres\u002Fscfindex.htm\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cem>Federal Reserve\u003C\u002Fem>\u003C\u002Fa>, this holds true across different income levels (\u003Cem>see graph below\u003C\u002Fem>):\u003C\u002Fp>\u003Cp>\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240110\u002F20240111-housing-piece-of-net-worth-is-crucial.png\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240110\u002F20240111-housing-piece-of-net-worth-is-crucial.png\">\u003C\u002Fa>\u003C\u002Fp>\u003Cp>The green segment in each bar represents how much of a homeowner's net worth comes from their home equity. Based on this data, it's clear no matter what your income level is, owning a home can really boost your wealth. Nicole Bachaud, Senior Economist at \u003Cem>Zillow\u003C\u002Fem>, \u003Ca href=\"https:\u002F\u002Fwww.newsweek.com\u002Fhousing-crisis-could-death-knell-americas-middle-class-1848936\" rel=\"noopener noreferrer\" target=\"_blank\">shares\u003C\u002Fa>:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“The biggest asset most people are ever going to own is a home. Homeownership is really that financial key that helps unlock stability and wealth preservation across generations.”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Cp>If you’re ready to start building your net worth, the current real estate market offers several opportunities you should consider. For example, with \u003Ca href=\"\u002F2023\u002F12\u002F20\u002Fwhy-mortgage-rates-could-continue-to-decline\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">mortgage rates\u003C\u002Fa> trending lower lately, your \u003Ca href=\"\u002F2024\u002F01\u002F08\u002Fwhat-lower-mortgage-rates-mean-for-your-purchasing-power\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">purchasing power\u003C\u002Fa> may be higher now than it has been in months. And, with more \u003Ca href=\"\u002F2023\u002F12\u002F13\u002Fthe-surprising-trend-in-the-number-of-homes-coming-onto-the-market\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">inventory\u003C\u002Fa> coming to the market, there are more options for you to consider. A local \u003Ca href=\"\u002F2023\u002F12\u002F07\u002Fwhy-you-need-to-use-a-real-estate-agent-when-you-buy-a-home\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">real estate agent\u003C\u002Fa> can walk you through the opportunities you have today and guide you through the process of finding your ideal home.\u003C\u002Fp>","\u003Cp>If you're unsure about whether to rent or buy a home, keep in mind that owning a home can increase your overall wealth in the long run, no matter your income. To discover more about this and the many other \u003Ca href=\"\u002F2023\u002F12\u002F25\u002Fthese-non-financial-benefits-turn-a-house-into-a-happy-home\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">benefits\u003C\u002Fa> of homeownership, let’s connect.\u003C\u002Fp>","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240110\u002F20240111-Homeowner-Net-Worth-Almost-40x-greater.png",false,[17,21,25,29],{"id":18,"name":19,"slug":20},5,"For Buyers","buyers",{"id":22,"name":23,"slug":24},11,"First-Time Buyers","first-time-buyers",{"id":26,"name":27,"slug":28},53,"Rent vs. Buy","rent-vs-buy",{"id":30,"name":31,"slug":32},326,"Equity","equity","2024-01-11T11:30:00Z","2024-04-11T20:16:38Z",{"id":36,"slug":37,"title":38,"featuredImage":39,"publishedAt":40,"contentType":10,"isVideo":15},38431,"avoid-these-common-mistakes-after-applying-for-a-mortgage","Avoid These Common Mistakes After Applying for a Mortgage","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240109\u002F20240110-Avoid-These-Common-Mistakes-After-Applying-for-a-Mortgage.png","2024-01-10T11:30:00Z",{"id":42,"slug":43,"title":44,"featuredImage":45,"publishedAt":46,"contentType":10,"isVideo":15},38796,"home-prices-forecast-to-climb-over-the-next-5-years-infographic","Home Prices Forecast To Climb over the Next 5 Years [INFOGRAPHIC]","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240111\u002F20240112-Home-Prices-Forecast-To-Climb-Over-The-Next-5-Years-KCM-Share.png","2024-01-12T11:30:00Z",{"cover":48,"open":49,"shareSpread":50},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[52,56,57,61,65,69,73,74,78,82,86,90,94,98,102,103,107,111,115,119,123,127,131,135,139,143,144,148,152,156],{"id":53,"name":54,"slug":55},1,"Uncategorized","uncategorized",{"id":18,"name":19,"slug":20},{"id":58,"name":59,"slug":60},6,"For Sellers","sellers",{"id":62,"name":63,"slug":64},7,"Foreclosures","foreclosures",{"id":66,"name":67,"slug":68},8,"Infographics","infographics",{"id":70,"name":71,"slug":72},9,"Home Prices","home-prices",{"id":22,"name":23,"slug":24},{"id":75,"name":76,"slug":77},34,"Senior Market","senior-market",{"id":79,"name":80,"slug":81},35,"Mortgage Rates","mortgage-rates",{"id":83,"name":84,"slug":85},38,"Move-Up","move-up",{"id":87,"name":88,"slug":89},41,"For Sale by Owner","for-sale-by-owner",{"id":91,"name":92,"slug":93},42,"Featured","featured",{"id":95,"name":96,"slug":97},45,"New Construction","new-construction",{"id":99,"name":100,"slug":101},52,"Luxury \u002F Vacation","luxury--vacation",{"id":26,"name":27,"slug":28},{"id":104,"name":105,"slug":106},80,"Time-sensitive","time-sensitive",{"id":108,"name":109,"slug":110},81,"Outdated","outdated",{"id":112,"name":113,"slug":114},147,"Internal","internal",{"id":116,"name":117,"slug":118},148,"Do Not Autopost","do-not-autopost",{"id":120,"name":121,"slug":122},320,"Inventory","inventory",{"id":124,"name":125,"slug":126},321,"Agent Value","agent-value",{"id":128,"name":129,"slug":130},322,"Affordability","affordability",{"id":132,"name":133,"slug":134},323,"Buying Tips","buying-tips",{"id":136,"name":137,"slug":138},324,"Downsize","downsize",{"id":140,"name":141,"slug":142},325,"Economy","economy",{"id":30,"name":31,"slug":32},{"id":145,"name":146,"slug":147},327,"Forecasts","forecasts",{"id":149,"name":150,"slug":151},328,"Selling Tips","selling-tips",{"id":153,"name":154,"slug":155},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":157,"name":158,"slug":159},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]