WILLISTON (April 19, 2023) – New data from the National Association of REALTORS® reveal middle-income homeowners in Burlington and 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 REALTORS® bring to consumers when helping buy and sell homes that build generational wealth.
“Owning a home isn’t just a roof over your head; it’s a key to unlocking generational wealth. The $84,070 in wealth gained by middle-income homeowners in Burlington and South Burlington over the past decade is a testament to the power of real estate investment. Working with trusted REALTORS® can help you navigate the market and make informed decisions that can lead to a brighter financial future,” said Karen Bresnahan, 2023 President of NVRA.
NAR data also showed substantial variation and inequality in wealth gains across different income and racial and ethnic groups. Low-income homeowners in Burlington 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.
“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.”
About Northwest Vermont REALTOR ® Association
The Northwest Vermont REALTOR® Association (NVRA) serves REALTORS® and affiliated businesses in Chittenden, Franklin, and Grand Isle Counties. NVRA provides leadership for the REALTOR® community by protecting the interests of its members, promoting their value to the real estate consumer, setting high standards for professional practice, and advocating for private property rights and wise economic growth.
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.
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