The statistic illustrated above shows the startling difference in net worth between homeowners and renters. Homeowners’ average net worth is $174,500, while renters average only $5,100. This means the average homeowners net worth is over 30 times greater than a renter. If you know a renter who is considering buying, the time is now. With mortgage rates and prices increasing for 2014, homes are more affordable now than they will be in the future.
Rates are expected to increase throughout the 2014, with projections (shown above) averaging at 5.1%. Be sure to talk to a loan officer with Wisconsin Mortgage Corporation to learn more about the mortgage rates available for your family.