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How Can I Increase My Family’s Net Worth?

Thursday, February 28, 2019   /   by Rich Hernandez

How Can I Increase My Family’s Net Worth?

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 chose real estate. Stocks followed at 26%, and then gold, savings accounts/CDs, or bonds.


 Bottom Line


If you want to find out how you can use your monthly housing cost to increase your family’s wealth, meet with a real estate professional in your area who can guide you through the process.

The Omni Group
Rich Hernandez
3635 West 5th Street
Oxnard, CA 93035
805-857-4181
DRE# 01732845

Based on information from California Regional Multiple Listing Service, Inc. as of March 29, 2020. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.