• In 2022, the typical renter in the U.S. had a median net worth of $10,400, less than 3% of the $400,000 net worth of homeowners, according to the Aspen Institute.
• However, tenants can still take steps toward building wealth, experts said.

It's no secret that homeowners often have a higher net worth than renters. But while renters face unique affordability challenges, there are still steps they can take to improve their financial standing.

In 2022, the typical renter in the U.S. had a median net worth of $10,400, according to a new report by the Aspen Institute. That's a record high — even though it represents less than 3% of the nearly $400,000 net worth of homeowners.

Renters generally face financial challenges such as lower income, higher debt, less savings and lower rates of asset ownership, the report noted.

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The wealth gap is not solely due to home equity. Median home equity, at $200,000, accounts for only slightly more than half of homeowners' median net worth, suggesting that an owner's wealth derives from other assets, the Aspen Institute found.

Across income levels, renters are less likely than homeowners to own assets including cars, retirement accounts and securities, among others, the report found. Renters who do hold such assets tend to have lower median values compared with homeowners.

Tenants can begin to build wealth by paying off outstanding debt, increasing their income and savings, and assessing if and when a home purchase makes sense, according to experts.

Here are some of the financial challenges renter households in three sample income brackets face, according to the Aspen Institute, and ways they can build wealth.

Renters who earn less than $25,000 a year

As of 2022, more than one-fourth of all renter households made less than $25,000 a year, the Aspen Institute found. 

Renter households in this income group are more likely to be "cost burdened," or have to spend a significant share of their income on housing and utilities, said Janneke Ratcliffe, vice president of housing finance policy at the Urban Institute in Washington, D.C. That makes it challenging for them to cover other essentials, let alone build wealth.

"If you're relying on any kind of benefits, as soon as you achieve a certain level of income or savings, you get kicked off," said Ratcliffe. 

A hypothetical family in this category "first needs financial stability to meet the precondition for wealth building," the Aspen report said.

"They need routinely positive cash flow — through higher income, lower expenses, or both — more savings and personal resources, and increased access to benefits that will support increased stability," the report said.

Tackling any high-rate debt can be a smart move, said Clifford Cornell, a certified financial planner and associate financial advisor at Bone Fide Wealth in New York City. A credit card balance eats away any progress you make in terms of savings, he said.

"It's incredibly toxic, and it can absolutely destroy a financial situation for somebody if you let that accrue," Cornell said.

Given that housing expenses can be the biggest budget line item, be thoughtful about where you live, said Shaun Williams, private wealth advisor and partner at Paragon Capital Management in Denver, the No. 38 firm on CNBC's 2024 Financial Advisor 100 List. 

You might have better job prospects and increase your income by living in a different area or state, he said. 

"Trying to move where there's better opportunities and lower costs is a key element there," Williams said.

Renters who make $50,000 to $75,000 a year

In 2022, roughly 18% of all renter households earned between $50,000 and $75,000 annually, according to the report.

A hypothetical family in this income bracket "has some baseline financial security, though increased cash flow through higher income and/or reduced debt servicing could enable a stronger position," according to the report.

Renters in this income bracket can monitor their cash flow to find opportunities to save money each month, said Cornell: "After all expenses are paid, what is left over?"

A "great spot to be" in is finding ways to save about 5% to 10% of your income while also looking for ways to increase your earnings, said Williams. 

"That's the place where you start saving a little bit," he said.

Renters who make $100,000 or more a year

About 20% of all renter households in 2022 made more than $100,000 a year, according to the Aspen Institute.

While this cohort of renters has the strongest financial picture, they may choose to rent rather than buy for a variety of reasons, experts said. 

In some places, it's less expensive to rent than to own. Even though tenants may pay renter's insurance, utilities and applicable amenity fees, landlords typically cover the unit's maintenance and property taxes.

For homeowners, "your mortgage is the absolute minimum that you will be spending every month," Cornell said. 

While these renters aren't building home equity, they can focus on building their investments and savings, experts said.

For example, say your hypothetical mortgage payment is $2,500 while your rent is $2,000, Williams said. A mortgage payment will put $500 "into a savings account called your house," he said.

If you rent, take the $500 difference and save it into a retirement account. This way, you're still saving money, and it may grow faster than real estate, Williams said.