May 17

Housing Wealth Skewed to Rich Homeowners

Homeowners across the board are feeling richer from rising home prices, but the wealthiest have enjoyed the largest gain, according to a report from the National Association of REALTORS®.

From 2010 to 2020, about 71% of the increase in housing wealth was in high-income households. Low- and middle-income households received a smaller share of housing wealth gains, according to the NAR report. Low-income homeowners comprise a smaller share of homeowners overall, while high-income homeowners make up the largest segment of owners.

Over the last decade, the housing value gap between households earning more than 200% of an area’s median income and those earning less has significantly widened, according to NAR’s report. High-income homeowners held 28% of all U.S. housing wealth in 2010, but by 2020, that percentage had grown to 42.6%.

“It’s a wake-up call,” Gay Cororaton, NAR’s senior economist and director of housing and commercial research, told The Wall Street Journal. “Policies have to be focused more on making sure that the lower-income and many more middle-income folks participate in the benefit of homeownership.”

Long-term homeownership has been shown to build wealth for households. The median homeowner realized $254,900 in wealth in 2019 compared to $6,270 for the median renter, according to the Federal Reserve’s Survey of Consumer Finances, as reported by The Wall Street Journal.

©National Association of REALTORS®
Reprinted with permission

admin

For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.

Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.

Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.

When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.

For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.