It's Official: Fed says homeowner median net worth 44x renter net worth (buy, money)

[freemkt]

According to the Federal Reserve Board's 2016 Survey of Consumer Finances. median net worth of homeowners is $231.4K and median net worth of renters is $5.2K.

Looks like homeowners are really taking off financially..last I looked, the ratio was more like 35:1

https://www.federalreserve.gov/publi...iles/scf17.pdf

[mathjak107]

homeowners own homes because THEY ARE WEALTHIER and can buy homes .

rolls owners are wealthier too as a group but buying a rolls did not make them wealthy . homes and cars are perks OF BEING WEALTHIER and having higher incomes !

you keep putting the horse before the cart . you need to afford the house and have the dough to be an owner first !

what you want is zoning requirements and building codes to be lowered to force a home in to the hands of someone who otherwise can't afford it . guaranteed they can't maintain it or afford it in the long run either .

having little money is having little money !

that is what had to be corrected . not trying to get the rewards of being successful when you failed financially

[1insider]

Correlation and causation. Know the difference.

[mathjak107]

evidently he does not .

did you know that those who live in the suites in new yorks prestigious buildings are really really wealthier ?

i think they need to make suites more affordable so we all can be really really wealthier .

[freemkt]

Originally Posted by mathjak107

homeowners own homes because THEY ARE WEALTHIER and can buy homes .

rolls owners are wealthier too as a group but buying a rolls did not make them wealthy . homes and cars are perks OF BEING WEALTHIER and having higher incomes !

you keep putting the horse before the cart . you need to afford the house and have the dough to be an owner first !

what you want is zoning requirements and building codes to be lowered to force a home in to the hands of someone who otherwise can't afford it . guaranteed they can't maintain it or afford it in the long run either .

having little money is having little money !

that is what had to be corrected . not trying to get the rewards of being successful when you failed financially

Homeowners drink more milk because they are wealthier and they can buy milk?

Homeowners buy more clothes because they are wealthier and can buy clothes?

What is so special about homes that such outsize financial resources are required to buy them?

Even cars are accessible to all income levels - why are homes different?

Seems ironic that having fewer dollars to start with means you have to spend more dollars to live, i.e. buying is cheaper than renting in most markets.

[freemkt]

Originally Posted by 1insider

Correlation and causation. Know the difference.

Milk, clothes, and cars are accessible to all income levels - what's so special about homes to make them different?

[mathjak107]

that statement is about as convoluted as it can get .

many renters pay way less in rent than many homeowners pay for a house simply because we tend not to rent the same housing as we would buy .

anyone can rent a nice two bedroom 2 bath apartment like ours for 2500 a month . the cheapest homes start at 800k to 1 million here and just go up . this holds true all over . there will always be rentals that are cheaper than owning .

so that is a ridiculous statement ..

[mathjak107]

Originally Posted by freemkt

Milk, clothes, and cars are accessible to all income levels - what's so special about homes to make them different?

you still need the dough to pay whatever price markets drag those items too . i guess you don't remember eggs tripling a few years ago . when steel prices were soaring car prices soared right with them .

unless the gov't wants to control prices , which always ends badly , markets will always float to levels that keep investors investing in those things ,whether business or personal investments .

nyc and the 5 boroughs did not see 1 new pure rental building get put up for more than 30 years because investors stayed clear of the rental market because of gov't interference .

[freemkt]

Originally Posted by mathjak107

evidently he does not .

did you know that those who live in the suites in new yorks prestigious buildings are really really wealthier ?

i think they need to make suites more affordable so we all can be really really wealthier .

Yes, that is because the suites in prestigious buildings are EXTREMELY SCARCE - how many hundreds of people can live on Central Park West?

On the other hand, there are tens of millions of homes in this country - not so scarce in comparison.

[mathjak107]

it still does not matter . the fact is those who own them are wealthier . by your argument i should be wealthier having one because now i am in that statistical group .

your arguments are nonsense .

there should be no home ownership reward for financial failure .