Homeownership is the Top Contributor to Your Net Worth

Homeownership is the Top
Contributor to Your Net Worth
Recently two U.S. Census Bureau researchers released their findings on the
biggest determinants of household wealth. What they found may help shape
your view on building your family’s net worth.
Many people plan to build their net worth by buying CDs or stocks, or just
having a savings account. Recently, however, Economist Jonathan Eggleston
and Survey Statistician Donald Hays, both of the U.S. Census
Bureau, shared the biggest determinants of wealth,
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“The biggest determinants of household wealth [are] owning
a home and having a retirement account.” (Shown in the
graph below):
This does not come as a surprise, as we often mention that homeownership can
help you to increase your family’s wealth. This study reinforces that idea,
“Net worth is an important indicator of economic well-being
and provides insights into a household’s economic health.”
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Having equity in your home can help your family move in that direction,
building toward substantial financial growth. According to the report noted
above, people are not only creating net worth in the homes they live in, but
many are also earning equity in rental property investments too. (See below):
John Paulson said it well,
“If you don’t own a home, buy one. If you own one home, buy
another one, and if you own two homes buy a third and lend
your relatives the money to buy a home.”
Bottom Line
There are financial and non-financial benefits to owning a home. If you would
like to increase your net worth, let’s get together so you can learn all the
benefits of becoming a homeowner. Contact Mary@TeamPetruzzi.com for
more information.
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