Wealth Gains
New data from the National Association of Realtors® reveal that middle-income homeowners in the Albany-Schenectady-Troy Metro Area accumulated $55,230 in wealth as their homes appreciated over the last ten years. The data 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.
“We are thrilled that middle-income homeowners in the Capital Region have gained over $55,000 in wealth throughout the past decade. This is a testament to the hard work of our real estate professionals who help families achieve the American dream of homeownership. We believe that homeownership is a powerful wealth-building tool, and we will continue to advocate for policies that promote affordable homeownership opportunities for all,” said Linda Yetto, GCAR President.
NAR data also showed substantial variation and inequality in wealth gains across different income and racial and ethnic groups. Low-income homeowners in the Albany-Schenectady-Troy metro area could only build $41,260 in wealth in the last decade from home price appreciation. At the same time, upper-income households saw an increase of $71,460.
Although Asian homeowners experienced minor wealth gains among any other racial or ethnic group in the Albany-Schenectady-Troy metro area, these owners accumulated more than $66,690 in wealth in the last decade. Black homeowners saw an increase of $78,790, White homeowners gained $72,320 in wealth, and Hispanic homeowners experienced $69,900 in wealth gains from their homes over the past ten years.
“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 a renter’s.”
View the full report on Wealth Gains by Income and Racial/Ethnic Group here
