Homeowners Worth More Than Renters
In dollars and cents, the group estimates that the average homeowner's net worth ranges from $150,000 to $200,000, thanks primarily to home equity value.
One caveat: The latest data provided by the Federal Reserve was released in 2007, when the market was – to put it gently – more robust.
The report is released every three years, with new data expected later this year. It will be interesting to see how these figures differ from the NAR's projections when the 2010 survey is released.
As it stands, the NAR remains confident that homeowners "will have a net worth orders of magnitude greater than renters." According to the latest data, it's difficult to find fault in their thinking. In 2007, the average net worth of a renter was $5,000.
These AOL Real Estateguides can help, whether you are looking to buy a home or sell one:
- First-Time Homebuyer's Guide
- How to Shop for Your First Home
- How to Price a Home to Sell Fast
- How to Get a Low Mortgage Rate
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.