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NAR Reports on Net Worth of Homeowners and Renters

by Chicago Agent

According to a report from the National Association of REALTORS, the average homeowner’s net worth is approximately 41 times larger than that of the renter.

Homeowners’ average net worth in 2010 ranged between $150,000 and $200,000 the report says, with homeowner equity accounting for a major portion of that net worth.

The report is based on the Federal Reserve Board’s ‘Survey of Consumer Finances for 2007,’ an analysis of family income and net worth in conjunction with key demographic factors.

The study is issued every three years, but has not yet been released for 2010. The NAR projected figures from 2007 to issue their report.

Back in 2007, homeowner net worth was 46 times greater than the net worth of renters. The average net worth for homeowners was between $200,000 and $250,000, with families’ primary residence accounting for around 30 percent of their total assets.

The decreased-gap in net worth between homeowners and renters is accredited to the shrinking equities market and falling house prices of recent years.

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