Housing Wealth Increases
If you’re a homeowner, then chances are – you’ve been seeing your housing wealth rise over the last couple of years.
According to the National Association of Realtors®, homeownership is the largest source of wealth among most families. Gay Cororaton, NAR®’s Research Economist, explains: “The past five years have seen increasingly rapid price appreciation. A single-family purchase from 10 years ago would have gained $225,000 in home equity if they sold at the median sales price of $363,100 in the third quarter of 2021.”
How does equity rise? – It comes down to a combination of paying down one’s mortgage and the appreciation in home prices.
Take a moment to review NAR®’s home equity gains inforgraphic below:
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