Vermont Business Magazine 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.
About Vermont Association of Realtors®
The Vermont Association of Realtors® serves more than 2,100 Realtor® members throughout the state of Vermont. The association is part of the National Association of Realtors®.
About NAR
The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
Source: BURLINGTON, VT (April 19, 2023) – Vermont Association of Realtors www.vermontrealtors.com
