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Homeownership is the Top Wealth Building Tool
Homeownership Strongly Linked to Wealth Building
It is well known that homeownership is an effective way to build wealth, especially within low-income households. Economists often study homeownership and policymakers normally emphasize it in their campaigns due to its known production of positive wealth in the United States. The housing market is one of the biggest positive drivers of wealth and will continue to boost the economy.
The median homeowner has 40 times the household wealth of a renter. Although this is a known statistic, it does not fully indicate cause and effect or provides insight into the distribution of wealth in the United States. Homeowners are wealthier than renters at all income levels and are in the lowest income category. Additionally, 92% of total homeowner net worth is related to the value of their property.
Between 2016 and 2019, housing was the single biggest contributor to the increase in net worth across all income groups. The value of housing wealth for people at the bottom of the income distribution increased by over $21,000.
It is no surprise that for most people, the largest asset is housing. Homeownership leads to greater wealth accumulation and continues to be the leading source of wealth for many people. Although there are definitely risks involved with homeownership, wealth that can be created from homeownership always outweighs the risks.
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