STUDY SHOWS IMPACT OF HOMEOWNERSHIP ON NET WORTH...
 
Study shows impact of homeownership on net worth 
  
Becoming a homeowner continues to be an important part of the American Dream. In addition to the emotional and lifestyle benefits of owning a home, a recent study of older homeowners shows the long-term financial benefits of owning real estate. 
For those who are nearing retirement age, homeowners are more likely to generate far greater wealth than renters – in both home equity and non-housing assets. According to the Joint Center for Housing Studies at Harvard University¹, the net worth of homeowners over the age of 65 was more than 47.6 times higher than same-age renters, with 45% of their net worth from home equity.  
 
 Difference in 65+ Adults Net Worth, homeowner vs. Renter. 
Another finding is that 41% of homeowners over age 65 have mortgages on their homes, compared with about 20% in 1989. The study proposes that some homeowners with high net worth are choosing not to pay off their mortgages, because historically low interest rates are allowing them to pursue other investments. 
With a growing population over age 50 now heading up 55% of households in our nation and populations over 70 expected to climb in next decades, this is an important housing trend to be aware of.