Poll - What Percentage of Net Worth does Equity in your Primary Residence represent? (Recent storms has prompted this)

[aaronc879]

A lot of people had their homes destroyed by Helene. A friend of mine lost her home in Florida. Completely destroyed.

Insured, I hope.

 

[PaunchyPirate]

About 5%.

 

[jebmke]

I have no real feel for what our house is worth. If I use a plug number I come up with ~ 3-4%

 

[PatrickA5]

15%

 

[disneysteve]

Insured, I hope.

I hope so. Still, having your home (in this case thankfully not their primary residence) completely destroyed is catastrophic. We all know what dealing with insurance companies is like even for relatively minor claims. I can't imagine dealing with a total loss like this in the midst of a widespread disaster when hundreds or thousands of your neighbors are going through the same process, likely a lot of them with the same company.

 

[5Miler]

11.2%

Just returned home from Alaska cruise last night and happy to see no issues to the home from Helene while we were gone.

 

[brett]

11 or 12 percent.

No, we did not consider pension in our net worth. We did not really consider home equity either because we need a place to live.

Our retirement plans comprehended three factors.

Cash flow and the gap between guaranteed cash flows and desired retirement spend.

Equity.....ROI, asset allocation. Cash flow spinoff from investments for spend or re-investment.

The third..tax planning.

Our focus was on net worth that generated cash flow or provided us with a cushion for future unexpected life events. Assets that are divisible, flexible, and easily convertable.

 

[oaklanding]

Our home represents 12.5 percent of our net worth.

 

[rk911]

Roughly 5%. We have no debt and we use the tax assessor's value of our home in our net worth calculation.

 

[Midpack]

~ 10%

 

[Texas Proud]

Home value and NW as it relates to storm damage/destruction? Well my property (land) is worth more than the home that sits on it. So just my home value is less than 5% of my NW. So I'm not sure how to vote since my property (land) will be here no matter what happens. But my home could be burned up, blown away or hit by a meteor. So maybe <5%?

Interesting.... would the value go up or down if hit by a meteor Well, at least a big enough one to create a hole...

 

[Texas Proud]

Mine is less than 10%...

 

[Car-Guy]

Interesting.... would the value go up or down if hit by a meteor Well, at least a big enough one to create a hole...

Guess it depends if I were at home or not when it hit and what it was made of.

 

[Southbay]

25%. I live in a VHCOL area.

 

[disneysteve]

we use the tax assessor's value of our home in our net worth calculation.

Our tax assessed values have nothing to do with the market value. We are assessed at $184,200. I use $350,000 as my slightly conservative estimate of what the house would actually sell for today.

 

[Jerry1]

Insured, I hope.

I think many were not insured. Saw a story about someone in the Asheville area and his house is still standing but it’s a mess. They were squeegeeing the mud out of the house. Said he did not have flood insurance because no one expected a flood in the mountains and his claim was already denied by the insurance company. Looking to the Federal Government for assistance as his only option.

 

[disneysteve]

I think many were not insured. Saw a story about someone in the Asheville area and his house is still standing but it’s a mess. They were squeegeeing the mud out of the house. Said he did not have flood insurance because no one expected a flood in the mountains and his claim was already denied by the insurance company. Looking to the Federal Government for assistance as his only option.

Yes, a very low percentage of homeowners in affected areas carry flood insurance. I think it's under 10%. My friend's house was on a Florida Gulf Coast barrier island so much more likely that she did as compared to the folks living 2,000 feet above sea level in the mountains of North Carolina hundreds of miles inland.

 

[treeofpain]

About 25%

 

[ShokWaveRider]

So, how does this relate to the recent storms?

Ask the folks who live near the Big Bend of Florida and all down the west coast of Florida. One Sarasota RE agent I know personally says it is affecting her region pretty significantly as folks are reducing prices to sell them.

 

[ShokWaveRider]

I have no real feel for what our house is worth. If I use a plug number I come up with ~ 3-4%

To be on the safe side I use the price we paid for it in 2009 + $100k for the upgrades we did. Unless one is planning on selling it is not realistic (IMHO) to use todays price.

So, if it is destroyed, I can just take the insurance money and leave and only be out a few 100k. Something we can easily deal with without compromising our standard of living. Yes it would be traumatic and we hate to lose money, but there you go.

 

[Aerides]

I don't include our home in our NW, but our home currently "zillows" at about 20-25 percent, mainly because the RE market is still bonkers where we live, and has doubled our home price in the past 4 years.

 

[MC Rider]

Zillow? Yes I look at their site. No I don't believe their numbers. Maybe in a condo with 50 sales of the same cube in the high rise ice tray. Out here?

I'll go 10-25 here. And not planning to go anywhere until they take me out in a box or bag or stretcher.

 

[frayne]

Fully paid off home and about ~15% of my NW. My heart goes out to all of the hurricane victims and I can't imagine the poor folks in N. Carolina, Ashville area and eastern Tennessee suffering that major rain event of 20"-30" and with no flood insurance. These poor folks are going to be needing help for a long time.

 

[MC Rider]

no flood insurance

Private for profit insurance should be outlawed. It is just a big bucks scam.

 

[OnTheBeach]

18% of after tax net worth - but half of that is going to be hit by a hurricane on Wednesday.........