You may be among the rich and not know it

Most Iowans are richer than they think, according to a recent study. The numbers compiled by the Consumer Federation of America show more than half of all American households headed by persons 45-years-old or older are considered affluent. Katherine Montalto of Ohio State University is the author of the study. She says the reason Americans are so rich is due to home ownership as the home represents 25 percent or more of the wealth of most people. Montalto says there’s a standard that defines affluence. Households that had at least 100-thousand dollars of net worth. She says about 45 percent of the households in the U-S fall in that category.Montalto says the key to keeping on top is staying away from mortgages. She says homeowners shouldn’t borrow against their home equity.Home ownership in Iowa was 72-point-three percent in the year 2000.