Past decade has been good to SLC homeowners

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{mprestriction ids="1,3"} 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.”{/mprestriction}