The average net worth of homeowners has reached an all-time high!
According to the recent Survey of Consumer Finances (SCF) released by the Federal Reserve Board, the average net worth of homeowners has seen the largest increase over the three years from 2019 to 2022. Let's take a closer look at the details.
In the previous survey released in 2019, the average net worth of homeowners was $255,000. However, as you can see in the graph above, the data from 2019 to 2022 shows that the average net worth of homeowners has risen to $396,200.
The main reason for this significant increase in the average net worth of homeowners, which is about a 55% increase, is the substantial rise in home prices from 2019 to 2022. Considering the current situation, it is expected that home prices will continue to rise, leading to further increases in net worth.
What about those who rent their homes? As shown in the graph, their net worth has also increased. In fact, when viewed in percentage terms, the increase in net worth for renters is even higher than that for homeowners. However, when comparing the actual amounts, the average net worth of homeowners remains nearly 40 times higher than that of renters. Even if both groups see their average net worth increase by similar percentages, the absolute value of net worth differs significantly.
This information can be a valuable reference for those who are hesitant about whether to buy a home. If you have any questions about today's post, please feel free to reach out anytime. I look forward to bringing you more informative articles in the future.
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