Middle-income homeowners gained $122,100 in wealth, with homes appreciating 68% over the past decade, according to the report. The study considered a household low income if it earned an income no greater than 80% of the area median income. Middle-income homeowners are those with incomes over 80% of the area’s median income but less than 200%. Black homeowners experienced the smallest wealth gains among any other racial or ethnic group, accumulating $115,000 in wealth in the last decade. Along with the wealth gains accumulated over the past decade, homeowners also reduced their debt by 21%.

Source: CNN April 19, 2023 21:57 UTC