Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. According to the latest survey data, Lawrence Yun, the National Association of Realtors’ Chief Economist estimates that the gap has widened, to 45 times greater ($225,000 vs. $5,000)!
Put Your Housing Cost to Work for You
As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth. Every time you pay your rent, you are contributing to your landlord’s net worth.
The latest National Housing Pulse Survey from NAR reveals that 84% of consumers believe that purchasing a home is a good financial decision. William E. Brown comments:
“Despite the growing concern over affordable housing, this survey makes it clear that a strong majority still believe in homeownership and aspire to own a home of their own. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top reasons to own a home.”
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Bottom Line
If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, call/text and let’s get together to evaluate your ability to buy today!
