I stumbled across some interesting stats and fact about home ownership yesterday that surprised me a little. I expected Homeowners to have a better net worth than renters but the numbers were shocking. The average net worth of a renter in the US is $4800. The average for Homeowners is $171,700. That's over 35 times!
I was even more surprised at the political angle. 77% of homeowners reported voting in recent elections versus 52% of renters. Homeowners also tend to stay put. About 7% of Homeowners move each year, compared to over 30% of renters.
So of course I started to think about cause and effect. Are these number better BECAUSE of home ownership. Or do wealthier people who are involved in the community tend to buy homes rather than rent? I guess there's no way to tell really but I have to believe there is at least some relationship. Owning a home is still the American Dream and I think it still strongly effects people. When you own your home you're invested. You worry about the neighborhood, the community, taxes and a whole laundry list of other issues.
In these tough times for the real estate market, especially here in Phoenix, it's easy to lose sight of the big picture. Home ownership is one of the things that sets this country apart. We have the highest rate in the world and I think it makes us better citizens.
So if you're a Homeowner, be proud of it. If you're a renter, nows the time to grab your piece on the American Dream. It will do you, and all of us a lot of good.