Many Americans have taken a hit to their home equity over the last couple years and some may wonder if it's really the smartest financial decision to own a home. GOOD NEWS-a recent analysis of Federal Reserve data by the National Association of Realtors shows the answer is yes. In compariosn with renters, home owners may have much greater household wealth. Owners' wealth exceeds that of retners by 50 to 1! The main wealth difference between the tow is home equity, of course. For those who have only owned their home since 2003, home equity gains are the rule rather than the exception and in some cases have been significant! The data clearly show that homeownership remains the biggest store of wealth for the typical household, even when markets are buffeted by some admittedly very rocky years. Article compliments of realtor.org
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