Own a Home, Increase Your Net Worth
When people consider purchasing a home they often make a wish list of what they want from the home based off long-term value and perceived benefits. Number of bedrooms, two-story vs. one-story, proximity to entertainment venues, and of course the sales price are all common factors considered. According to Keeping Current Matters (KCM), there's another variable you should consider when buying your home- your net worth. The average American family has a net worth of about $77,300, and about 61.4% ($47,500) of that is home equity! As a homeowner your net worth will be over $100000 higher than that of a Renter.