At least in terms of building wealth (if you’re middle class).
Younger households with middling incomes who bought a home within the last 10 years have been able to enjoy massive wealth gains, with housing wealth across nearly 1,000 U.S. cities increasing by over $8 trillion since 2010, according to a new study by the National Association of Realtors.
Middle income households-turned homeowners enjoyed the biggest wealth gains, as on average, these households saw their wealth grow by over $2 million.
The main reason behind these homeowner wealth gains is the rapid rate of home value appreciation in the U.S. The NAR estimates that 86% of the wealth homeowners built during this period comes from home appreciation, with the median sales price of a home rising at an annual 8.3% between 2011 and 2021.