The National Association of Realtors® released a housing report during the 2023 Realtor® Broker Summit, which showed middle-income homeowners gained $122,100 in wealth from a 68% appreciation in home value over the last decade. The report highlights the role of agents and Realtors® in building generational wealth through home buying and selling.
Homeownership catalyzes wealth-building, with monthly mortgage payments acting as a “forced savings account.” Although there are substantial variations and inequalities in homeownership rates across different income and racial and ethnic groups, the data shows that homeownership is accessible to people from all walks of life. Black homeowners accumulated over $115,000 in wealth in the last decade, and NAR identified the top 10 U.S. metro areas with the most significant wealth gains for Black homeowners.
Homeowners in expensive metro areas experienced the most potent wealth gains, with San Jose topping the list. The report also highlights areas where middle-income and low-income households have accumulated substantial wealth gains from homeownership.