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Homeownership is the Top Contributor to Your Net Worth

Paul Tosello

Paul has been in Real Estate for 32 years, working as a Realtor, but in addition he owned a real estate consulting and coaching company.  ...

Paul has been in Real Estate for 32 years, working as a Realtor, but in addition he owned a real estate consulting and coaching company.  ...

Jan 13 2 minutes read

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,

“The biggest determinants of household wealth [are] owning a home and having a retirement account.”

Take a look at the graph below which provides a visual representation of net worth:

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.”


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.”

Inspired to learn more about buying your first (or next) home?

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