The Benefits of Homeownership May Reach Further Than You Think
More than ever, our homes have become an integral part of
our lives. Today they are much more than the houses we live in. They’re
evolving into our workplaces, schools for our children, and safe havens that
provide shelter, stability, and protection for our families through the
evolving health crisis. Today, 65.3% of Americans are able to call their homes
their own, a rate that has risen to its highest point in 8 years.
June is National Homeownership Month, and it’s a great time
to reflect on the benefits of owning your own home. Below are some highlights
and quotes recently shared by the National Association of Realtors (NAR). From
non-financial to financial, and even including how owning a home benefits your
local economy, these items may give you reason to think homeownership stretches
well beyond a sound dollars and cents investment alone.
Non-Financial
Benefits
Owning a home brings families a sense of happiness,
satisfaction, and pride.
Pride of Ownership: It feels good to have a place
that’s truly your own, especially since you can customize it to your liking.
“The personal satisfaction and sense of accomplishment achieved through
homeownership can enhance psychological health, happiness and well-being for
homeowners and those around them.”
Property Maintenance and Improvement: Your home is
your stake in the community, and a way to give back by driving value into your
neighborhood.
Civic Participation: Homeownership creates stability,
a sense of community, and increases civic engagement. It’s a way to add to the
strength of your local area.
Financial
Benefits
Buying a home is also an investment in your family’s
financial future.
Net Worth: Homeownership builds your family’s net
worth. “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: Equity, appreciation, and
predictable monthly housing expenses are huge financial benefits of
homeownership. Homeownership is truly the best way to improve your long-term
net worth.
Economic
Benefits
Homeownership is even a local economic driver.
Housing-Related Spending: An economic force
throughout our nation, housing-related expenses accounted for more than
one-sixth of the country’s economic activity over the past three decades.
GDP Growth: Homeownership also helps drive GDP growth
as the country aims to make an economic rebound. “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.”
Entrepreneurship: Homeownership is even a form of
forced savings that provides entrepreneurial opportunities as well. “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.”
Bottom
Line
The benefits of homeownership are vast and go well beyond
the surface level. Homeownership is truly a way to build financial freedom,
find greater satisfaction and happiness, and make a substantial impact on your
local economy. If owning a home is part of your dream, let’s connect today so
you can begin the homebuying process.
Source: Real Estate with Keeping Current Matters