Most Millennial Homeowners Don't Know This Key Figure

Owning a home can be a more expensive prospect than renting one.

That’s because homeowners are responsible for numerous costs, from mortgage payments to property taxes to insurance premiums.

But there’s a benefit to owning a home, and it’s the chance to build equity in an asset — one that has the potential to gain value over time. However, most millennial homeowners don’t know how much equity they have in their home, according to a recent Hometap report.

Specifically, only about 47% of millennial homeowners can pinpoint that figure, compared to around 54% of Generation X and 69% of baby boomers. But no matter your generation, that’s a number you really should be aware of.

This article originally appeared on Nasdaq.com. Read the full article here.