Homeownership is the single greatest contributor to household wealth for American families. From 2010 to 2020, the value of owner-occupied housing in 917 metropolitan or micropolitan metro areas increased by $8.2 trillion.
We know homeownership is a significant contributor to generational wealth. A home that is inherited from a family member without a will, also known as heirs’ property, can present serious challenges to families if new ownership has not been updated in land records.
Given the numerous risks and challenges associated with heirs’ property and the higher incidence in low- to moderate-income communities, the American Land Title Association (ALTA) is committed to expanding awareness of heirs’ property and collaborating with industry and government partners to address this often-overlooked hurdle to wealth building.
