Renters Hold Just 3% of Homeowner Wealth, Aspen Institute Report Reveals

By Emma Schwichtenberg

Renters in the U.S. hold less than 3% of the median net worth of homeowners, a new report by the Aspen Institute Financial Security Program reveals. 

Titled “From Rent to Riches? A Profile on the Wealth and Financial Well-Being of Renter Households”, the study highlights the immense wealth gap between the two groups and the systemic challenges renters face in building financial security. While the median net worth of homeowners is $400,000, renters’ median wealth stands at just $10,400.

Although homeownership is often seen as the primary path to wealth in America, the Aspen Institute notes that the disparity extends beyond home equity. Median home equity accounts for roughly half of homeowners’ net worth, but other appreciating assets such as stocks, business equity, and retirement accounts also play a significant role. These assets are largely out of reach for renters, with fewer than half of renter households owning investments that could grow in value, compared to 78% of homeowners.

The report also underscores the precarious financial position of renters. While renters saw their net worth increase by 43% between 2019 and 2022, compared to a 34% rise for homeowners, much of this progress was fueled by temporary pandemic-era income supports. These gains allowed renters to pay down debt and invest in assets like stocks, but with those supports gone, the gains are unlikely to last.

High rent costs, combined with stagnant wages, further limit renters’ ability to save or invest, leaving them with little financial resilience. This lack of wealth prevents many renters from weathering financial emergencies or planning for long-term stability. 

The Aspen Institute recommends a multi-faceted approach to closing the wealth gap, including raising wages, expanding rental assistance, increasing the supply of affordable housing, and providing tools to protect renters from harmful debt while encouraging investment in appreciating assets. 

The report makes clear that without sustained policy interventions, renters’ ability to build wealth will remain fragile.

For millions of Americans, financial security continues to depend heavily on homeownership. However, this new research calls for a broader reimagining of wealth-building strategies to create a more inclusive economy—one that empowers renters and homeowners alike to achieve financial stability and resilience.