This comes as no surprise to followers of this blog, but a paper by David Rosnick and Dean Baker at the Center for Economic and Policy Research (CEPR) concludes that those who have been renting over the last five years are now wealthier than those who own their homes.
So much for those facts distributed by real estate professionals about how wealth is complemented through home ownership.
The CEPR also found that people who were renting homes in 2004 will have more wealth in 2009 than those who were owners. That's true for all five wealth groups the study analyzed, from the poorest to the wealthiest.
CNNMoney.com's coverage of the report:
http://money.cnn.com/2009/02/25/real_estate/boomer_wealth_evaporating/index.htm
CEPR's report:
cepr.org
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