It really paid to own a home in Salt Lake City over the past decade. New data from the National Association of Realtors (NAR) reveal middle-income homeowners in Salt Lake City accumulated $238,240 in wealth as their homes appreciated over the past 10 years.
The data was featured in NAR’s new report, “Wealth Gains by Income and Racial/Ethnic Group.”
“The economic rewards of homeownership significantly surpass that of renting,” said Rob Ockey, president of the Salt Lake Board of Realtors. “This report demonstrates that owning a home builds equity, yields tax incentives and establishes a secure foundation for personal development and community relationships.”
Even low-income homeowners in Salt Lake City were able to build $207,270 in wealth in the past decade from home price appreciation only, while upper-income households saw an increase of $281,880.
The board said Salt Lake City’s homeownership rate is 71.7 percent for middle-income earners.
“This analysis shows how homeownership is a catalyst for building wealth for people from all walks of life,” said Lawrence Yun, NAR’s chief economist. “A mortgage is often considered a forced savings account that helps homeowners build a net worth about 40 times higher than that of a renter.”