Here are some interesting industry facts.
- Housing is a key driver of our economy accounting for 15% of the GDP
- The national home ownership rate is nearly 67%
- For the past 12 years, the average homeowners net worth has been 31-46% greater than that of the average renter
- It is now cheaper to buy than rent in 3/4 of American cities
We’re still slogging through this moment in time, but home ownership is such an important part of our country in so many ways. Those who are thinking about owning their own home should always remember real estate is cyclical – it won’t be this bad OR this good forever.