According to a recent study, Gen Xers (those born between 1965 – 1983) experienced some of the biggest decreases in home equity during the great recession. However, nearly 10 years later, the median net worth of these same homeowners has risen by 115%. Based on an analysis of Federal Reserve data, the study finds that Gen Xers are the only generation of households to recover the wealth they lost during the great recession.
Source: Pew Research Center analysis of Survey of Consumer Finances public-use data.
This is wonderful news for homeowners in this position as they are now in a great position to take advantage of their home equity. If you need an infusion of cash to pay for a wedding or other life event, are considering a home renovation, or just want to consolidate debt at a much lower rate, visit: freedommortgage.com/cash-out-refinance to learn more about our cash-out refinance programs.