Lower-income and minority homeowners are better off financially than comparable socioeconomic groups who don't own homes.

But that's not news.

The finding in a new study also applies to other groups, given the fact that a home banks equity for anyone, regardless of their their status.

What's key to the finding in "Home Ownership's Path To Wealth," prepared for the Consumer Federation of America, is that a greater portion of the wealth of lower-income and minority home-owning households is in their home, compared to other groups.

Based on data from the Federal Reserve Board's Survey of Consumer Finances and analyzed by Professor Catherine Montalto, an associate professor with Ohio State University, 97 percent of all homeowners held at least some home equity, and the typical homeowner had accumulated $70,000 in equity.

For all homeowners, home equity represented 42 percent of their net wealth, but for lower-income and minority households, the percentage was much higher.

For lower-income households, home equity represented 80 percent of their net wealth, 63 percent for Hispanic households, 60 percent for moderate-income households, and 52 percent for African-American households.

Low-income households are the one-fifth of the population with the lowest incomes, while moderate-income households are the one-fifth with the next lowest incomes.

For the one-fifth of all households with the highest incomes, only 26 percent of their net wealth was represented by home equity.

That indicates home ownership appears to be an easier way for minorities and lower-income households to build wealth.

"Most lower-income and minority households hold few financial investments, including retirement accounts, so they depend on home ownership to accumulate personal wealth," said Stephen Brobeck, CFA executive director.

In 2001, the typical low-income homeowner had a net wealth of $50,000, while the typical low-income household without home ownership had net wealth of only $7,900. Low-income households are the one-fifth with the lowest incomes.

"Paying off the mortgage on a home has been, and will continue to be, the easiest way for lower-income and minority households to build personal wealth," said Brobeck.

CFA and other national housing groups announced a new "Build Wealth Through Homeownership" initiative to help more low- and moderate-income households save and build wealth.

The initiative includes wealth-building strategies and services throughout a network of many housing and consumer advocacy organizations including the CFA, Fannie Mae, Freddie Mac, Mortgage Bankers Association of America, National Community Reinvestment Coalition, National Council of La Raza, Neighborhood Reinvestment Corporation, New Economies for Women and others.

As part of the initiative the "Build Wealth Through Homeownership brochure" offers advice with five themes: