For most, nearly all wealth comes from homeownership
Homeownership continues to be the primary way Americans build up their net worth. According to a new report, the ownership of a primary residence typically accounts for 90 percent of a household’s total wealth. This is based on a 2019 Survey of Consumer Finance data as reported by the National Association of Realtors.
Those who are considered in the bottom 20 percent of income earners have 99 percent of their wealth tied up in their homes. In stark contrast, those in the top 10 percent income bracket only count on their homes for 42 percent of their total financial worth.
Those who purchased a home the San Diego metropolitan market about 30-years ago have realized a total wealth gain of $654,992 in that time.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.
Those who are considered in the bottom 20 percent of income earners have 99 percent of their wealth tied up in their homes. In stark contrast, those in the top 10 percent income bracket only count on their homes for 42 percent of their total financial worth.
Those who purchased a home the San Diego metropolitan market about 30-years ago have realized a total wealth gain of $654,992 in that time.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.