Every three years, the Federal Reserve conducts their Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016.
The study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.
Owning a home is a great way to build family wealth.
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 by increasing the equity in your home.
That is why Gallup reported that Americans picked real estate as the best long-term investment for the fifth year in a row. According to this year’s results, 34% of Americans...
![3 Tips for Making Your Dream of Buying A Home Come True [INFOGRAPHIC] | MyKCM](https://files.mykcm.com/2019/02/20084419/3-Tips-ENG-MEM-464x600.jpg)
Some Highlights:
- Setting up an automatic savings plan that saves a small amount of every check is one of the best ways to save without thinking too much about it.
- Living within a budget right now will help you save money for down payments while also paying down other debts that might be holding you back.
- What are you willing to cut back on to make your dreams of homeownership a reality?
Contact the Gold Country Modern Team, your Amador County real estate connection, for assistance buying or selling a home in the Gold Country.
...
![Where Did Americans Move in 2018? [INFOGRAPHIC] | MyKCM](https://files.mykcm.com/2019/02/13071843/2019-02-15-MovingAcrossAmerica-ENG-MEM-464x600.jpg)
Some Highlights:
- Every year United Van Lines conducts their National Movers Study by tracking their customer’s movement state-to-state over the course of the year.
- Vermont claimed the top spot of states with the highest percentage of inbound residents following a campaign that covered relocation costs for skilled workers who moved to the state.
- The most common response for why someone relocated to another state was for a new job or company transfer.
Contact the Gold Country Modern Team, your Amador County real estate connection, for assistance buying or selling a home in the Gold Country.
...
Headlines spotlight the fact that buying a home is less affordable today than it was at any other time in more than a decade. Those headlines are accurate.
Understandably, buying a home is more expensive now than immediately following one of the worst housing crashes in American history. Over the past decade, the market was flooded with distressed properties (foreclosures and short sales) selling at 10-50% discounts. There were so many that this lowered the prices of non-distressed homes in the same neighborhoods. As a result, mortgage rates were kept low to help the economy.
Prices have since recovered. Mortgage rates have increased as the economy has gained strength. This has impacted housing affordability. However, it’s necessary to give historical context to the subject of affordability.
Two weeks ago, CoreLogic reported on what they call the “typical mortgage payment”. As they explain:
“One way to measure the impact of inflation, mortgage rates and home prices on affordability over time is to use what we call the ‘typical mortgage payment.’ It’s a mortgage-rate-adjusted monthly payment based on each month’s U.S....
