Homeowner vs Renter Wealth Gap: Owning a Home is a Path to Wealth

Homeowners are substantially wealthier than renters when it comes to net worth. The advantage that homeowners have is that they are building equity each time they make a mortgage payment, while renters are not building equity and are making it harder to save and invest in their future.

How much wealthier are homeowners than renters? Homeowners have 40 times the wealth as renters. This is a substantial difference that shows that buying a home is a far better investment in the long run than renting is.

There are many ways to buy a home without any downpayment money. One of those is to use a VA loan. The other is getting an FHA loan and then you only have to put 3 1/2% down and can have the sellers pay some of your costs. Also you can be gifted some money for a downpayment to get started.

If you need help buying or selling a house anywhere in the US please reach out to us.

Todd Miller

Oana Miller

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