I frequently have the conversation with buyers wondering, “Is now the right time to buy?”
I’m sure someone will find an argument here, but the facts are that home ownership separates those who are wealthy from those who are not, especially in an area like San Mateo County where land is at a premium.
Consider these facts:
The Net Wealth of Owners Dwarfs the Net Wealth of Renters
|Income||Owners Median Net Worth||Renters Median Net Wealth||Owner/Renter Ratio|
|$20,000 to 449,999||$111,890||$7,670||14.6:1|
|Income||Owners Housing Wealth||Owners Non-Housing Wealth||Owner Housing Wealth/Non- Housing Wealth Ratio|
|$20,000 to $49,999||$55,000||$42,000||1.3:1|
Source: JCHS tabulations of the 2001 Survey of Consumer Finances.