The Net Worth Of A Homeowner is 44x Greater Than A Renter*

Real Estate is a time-tested tool to help you build your net worth. This is why I am passional about educating and assisting wanna-be first-time home buyers.

Contact Sarah Cook!

Call: (336) 525 – 1233

Email: Hi@SarahCookRealty.com

Serving: Graham, Burlington, Mebane, Elon, Alamance County NC

Sarah Cook

Real Estate Investor & Agent at Keller Williams Burlington NC

The views, thoughts, and opinions expressed are solely those of the author, and information provided is for entertainment purposes (see disclaimer)

 

The Net Worth Of A Homeowner is 44x Greater Than A Renter

 

What Is Net Worth?

 
Net worth is the total of what you own of value minus what you owe. The median net worth of homeowners was $231,400 in 2016, an increase of 15% from 2013 to 2016. Renters and non-homeowners saw their median net worth fall 5% to $5,200 in the same time period.
 

Why Homeowners Have Higher Net Worths:

 
Owning a home is associated with people who are able to build wealth. This is not cause and effect, it’s a correlation between home ownership and the ability to accumulate wealth, but purchasing a home is a powerful tool towards this goal. Financially speaking, you have to be financially stable to afford a house to begin with. You need to have saved up money to afford a down payment (this can be as low as 5% conventional, 3.5% FHA, or even 0% if you qualify for an assistance program), as well has have enough coming in every month to pay the mortgage. You have to have some wealth to buy a house, but buying a house then helps you to accrue wealth over time. Real Estate is a time-tested tool to help you build your net worth. This is why I am passional about educating and assisting wanna-be first-time home buyers.
 

First Steps in Owning A Home:

 

  • Contact a Local Realtor that you feel comfortable with (like me!). If net worth and creating wealth are part of your goals, you should consider talking to a realtor who understands real estate investing, home values, and how to evaluate if a home is good deal for your situation.
  • Get Pre-qualified or better yet, pre-approved for loan. I consider this to be a co-requisite of step 1. You want to know what you can afford before looking at properties and most sellers required a letter from a lender before they will accept an offer.
  • Look for properties that are in your price range, meet your needs, and hopefully have some of your wishes too.
  • Make offer(s) on property. Set your expectations knowing it may take a few tries. Sometimes you have to make offers on several properties before yours is accepted.

House Hacking Success - Rent Free College - Real Estate Investor - Sarah Cook Realtor - Graham Burlington Mebane Elon NC

 

*According to the Federal Reserve Survey of Consumer Finance

 

Net Worth Homeowner - Real Estate Investor - Sarah Cook Realtor - Burlington Graham Elon Alamance - NC Real Estate

Disclaimer

The views, thoughts, and opinions expressed are solely those of the author, and do not necessarily reflect the policy or position of the author’s firm, employer, organization, committee or other group or individual; and are not intended to malign any religion, ethic group, club, organization, company, individual or anyone or anything.

The articles, videos, images, and other content maintained on this site as well as the opinions voiced in this material are resources for educational and general informational purposes only and are not intended to provide specific advice or recommendations for any individual. No information on this site constitutes financial or legal advice and should not take the place of consulting with a licensed real estate agent, financial planner, local officials, licensed tradespeople, and tax, legal, or other financial advisors. 

To determine which investment(s) will be most appropriate for you, consult your financial advisor prior to investing. 

The material and information found on SarahCookRealty.com is intended for informational, educational, and entertainment purposes only. None of material found on SarahCookRealty.com is intended to be consumed as financial or legal advice for your given situation. I am not an expert, nor do I claim to be an expert, therefore you should seek out professional advice before making any financial decisions. 

Neither SarahCookRealty.com nor its owners assume any liability with regard to financial results based on the use of the information provided here. In addition, neither SarahCookRealty.com nor its owners make any representations as to the validity, accuracy, completeness, or suitability of any claims made here. Furthermore, commenters, and linked sites are solely responsible for their views and content – which may or may not represent the views of SarahCookRealty.com or its owners. 

Sarah Cook

SarahCookRealty.com

A Real Estate Agent You Can Trust

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Contact Sarah:  Hi@SarahCookRealty.com ::: (m) 336-525-1233

Contact Sarah Cook!

Call: (336) 525 - 1233

Email: Hi@SarahCookRealty.com

Graham, Burlington, Mebane, Elon, Alamance County NC

 

Licensed in North Carolina

Copyright © 2019-2022 Sarah Cook
All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.