Homeownership as a vehicle to build wealth
Source: USA Today
Over the last decade, the median-priced home in the U.S. gained $190,000 in value, making the typical homeowner 40 times wealthier than if they had remained a renter, according to a report by the National Association of Realtors.Low-income homeowners (those earning no greater than 80% of the area median income) built $98,900 in wealth as their homes while middle-income (those making more than 80% but less than 200% of median area income) and upper income (those earning more than 200% of median area income) homeowners accumulated $122,100 and $150,800 in wealth respectively, the report said.
Over the last decade, the median-priced home in the U.S. gained $190,000 in value, making the typical homeowner 40 times wealthier than if they had remained a renter, according to a report by the National Association of Realtors.Low-income homeowners (those earning no greater than 80% of the area median income) built $98,900 in wealth as their homes while middle-income (those making more than 80% but less than 200% of median area income) and upper income (those earning more than 200% of median area income) homeowners accumulated $122,100 and $150,800 in wealth respectively, the report said.
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