14 million households plan to pass home to family

14 million households plan to pass home to family

14 million households plan to pass home to family
It used to be some fine china, antique pocket watches and perhaps a few Treasury bonds. But according to a Zillow Group Consumer Housing Trends Report, inheriting a home from a family member is growing in popularity.

Nearly one in four homeowners, a total of approximately 14 million households in the U.S., say they plan on living in their home for the rest of their life because they intend on bequeathing the property to their heirs. This is more prevalent among lower-income households with nearly a third of homeowners making less than $50,000 per year planning to pass their home down to family, compared with just 17 percent of homeowners with an income of $50,000 or above.

A home is typically the largest asset Americans have, accounting for a considerable share of a household’s net worth making this a particularly generous gesture.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 percent.

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