Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. Their latest survey data covers responses from 2013-2016.
The study revealed that the median net worth of a homeowner was $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of a homeowner is over 44 times greaterthan that of a renter.
There are many who see that statistic and point toward how broad the range of respondents are for the Federal Reservesurvey. Their study includes all economic and social groups and also includes all age groups. The argument is that older respondents have a higher likelihood of being homeowners, while the homeownership rate among younger survey takers is much lower.
Recently, the Joint Center for Housing Studiesat Harvard Universityfocused on homeowners and renters over the age of 65. Their studyrevealed that the difference in net worth between homeowners and renters at this age group was actually 47.5 times greater!
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