America’s median renters have $10,000 net worth, while homeowners have $400,000

Source: CNN

The story of the housing market over the past few years has been characterized by a growing divide between “haves” and “have-nots” – those who own a home and those who rent. Existing homeowners in American have seen their wealth on paper explode as home prices have surged across the country. At the same time, after a slight dip in rents after the start of the COVID pandemic, rents have also spiked, eating into many people’s savings.

A recent report from the Aspen Institute highlights the gaping wealth chasm that has formed between homeowners and renters in America. The median homeowner in America has a net worth of $400,000 as of 2022, the most recent data available, while the median renter’s net worth is just $10,000, according to the report. That means the typical homeowner has almost 40 times as much wealth as the typical renter.