In 2022, the typical renter in the U.S. had a median net worth of $10,400, according to a new report by the Aspen Institute.
Renters generally go through financial challenges like lower income, higher debt, fewer savings balances and lower rates of asset ownership, the report noted.
Across income levels, renters are less likely than homeowners to own assets including cars, retirement accounts and securities, among others, the report found.
Here are some of the financial challenges renter households face by income, according to the Aspen Institute, and ways they can build wealth.
watch nowA hypothetical family in this category "first needs financial stability to meet the precondition for wealth building," the Aspen report notes.
Persons:
That's, Janneke Ratcliffe, Ratcliffe, Clifford Cornell, Cornell, Shaun Williams, Williams
Organizations:
Aspen Institute, Finance, Urban Institute, Paragon Capital Management
Locations:
U.S, Washington ,, New York City, Denver
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