Wed, November 27, 2024
[ Wed, Nov 27th 2024 ]: Bill Williamson
Renters struggle to build wealth, report finds. Here's how they can boost financial well-being
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Renters struggle to build wealth, report finds. Here's how they can boost financial well-being

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Across all income levels, renters can build their wealth by taking a few key steps that include lowering debt and focusing on savings and investments.
The article from NBC News discusses a report by the National Association of Realtors highlighting the financial challenges faced by renters in the U.S. compared to homeowners. It points out that while homeownership has traditionally been a key way to build wealth, renters are increasingly finding it difficult to save and invest due to rising rents and stagnant wages. The report suggests that renters often spend a larger portion of their income on housing, leaving less for savings or investments. However, it also notes that there are strategies renters can employ to boost their financial well-being, such as investing in retirement accounts, seeking rent-controlled housing, or exploring shared housing options. The article emphasizes the need for policy changes to address housing affordability and provides insights into how renters can navigate their financial futures more effectively despite the systemic barriers.

Read the Full NBC News Article at [ https://www.nbcnews.com/business/personal-finance/renters-struggle-build-wealth-report-finds-can-boost-financial-well-rcna182037 ]