Here are last quarter’s statistics comparing renters and homeowners.
Today I’ll talk about statistics regarding homeowners versus renters. Please go to 0:31 in the video to see the chart I’m referencing. Here are the stats from the last quarter of 2021:
64.1% of people own homes, while 35.9% are renters. The percentage of homeowners is actually slightly down. This is likely due to the continuing rising cost of houses. Nationally, the average mortgage payment is $1,297, while the average rent is $1,149. In our local market, the average monthly cost of owning a home is $1,269, while renting costs $813.
The monthly housing costs for both owning and renting are similar. Because the difference between owning and renting isn’t much, it’s hard for renters to save up for a down payment. That needs to be corrected in our area. The median household wealth for a renter is $6,270 and is $254,900 for a homeowner, including $98,500 of home equity.
Owning a home is still a good way to build wealth. If you’d like more detailed stats about our local market, give me a call at 1-800-722-2585. I look forward to hearing from you.