3 Benefits of Home-Ownership Now
Homes, now more than ever, are much more than just where we live, they have become an inherent part of our lives. Homes are now evolving into our workplaces, class rooms for our children, safe havens, and shelters of protection and stability. A whopping 65.3% of Americans are able to call their homes their own. This rate is the highest it has been in 8 years!
June, being National Homeownership Month, is it a great time to reflect on 3 major home ownership benefits. Below are highlighted quotes from NAR (National Association of Realtors) on these gains.
- Personal Benefits
- Pride of Ownership : Owning a home brings families a sense of happiness, satisfaction, and pride. “The personal satisfaction and sense of accomplishment achieved through homeownership can enhance psychological health, happiness, and well-being for home owners and those around them.”
- Maintenance and Improvement: Owning a home allows you to customize it to suit your personal style. Your home is also like your stake in the community.
- Civic Participation: In addition to creating stability, homeownership creates a sense of community, and encourages civic engagement. It’s a way to be involved and strengthen community.
- Financial Benefits
Buying a home is also an investment in your family’s financial future.
- Builds Your Family’s Net Worth: Homeownership is a solid investment in your family’s financial future. “The median family net worth for all homeowners ($231,400) increased by nearly 15% since 2013, while net worth ($5,000) actually declined by approximately 9% since 2013 for renter families.”
- Financial Security: Immense gains of homeownership come from property appreciation, predictable housing expenses, and equity. It is truly the best way to improve your long-term net worth.
- Benefits for the Economy
- Housing-Related Spending: A national and local economic driver, housing-related expenses push our economy along. Over the past 3 decades, it accounts for more than 1/6 of the country’s economic activity.
- Growth of Gross Domestic Product: Homeownership assists the GDP growth while the country works to make a ‘V’ shaped economic recovery. “Every 10% increase in total housing market wealth would translate to approximately $147 billion in additional consumer spending, or 0.8% of GDP, as well as billions of dollars in new federal tax revenue.”
- Unintended Entrepreneurs: Homeownership can be considered a form of forced savings that can provide entrepreneurial opportunities. “Owning a home enables new entrepreneurs to obtain access to credit to start or expand a business and generate new jobs by using their home as collateral for small business loans.”
Homeownership benefits go well beyond the surface. Truthfully, it’s a way to find personal happiness and satisfaction, build financial freedom, and impact your local economy. If owning your own home is one of your goals, contact me to begin the homebuying process today. Let’s make that dream a reality!