Middle-Income Homeowners in Burlington/South Burlington Gained More Than $84,000 in Wealth Over the Past Decade from Home Appreciation
New data from the National Association of Realtors® reveal middle-income homeowners in Burlington/South Burlington accumulated $84.070 in wealth as their homes appreciated over the last 10 years. The data, which was featured prominently in NAR’s new report, Wealth Gains by Income and Racial/Ethnic Group, speaks to the value agents and Realtors® bring to consumers when helping buy and sell homes that build generational wealth.
“This analysis shows how homeownership is a catalyst for building wealth for people with all levels of income,” said Kathy Sweeten, chief executive officer for the Vermont Association of Realtors®. “A mortgage is often considered a savings account that helps homeowners build a net worth about 40 times higher than that of a renter.”
NAR data also showed substantial variation and inequality in wealth gains across different income and racial and ethnic groups. Low-income homeowners in these areas were able to build $123,840 in wealth in the last decade from home price appreciation only, while upper-income households saw an increase of $170,090.