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The Benefits Of Homeownership May Reach Further Than You Think
Dated: June 2 2020
More than ever, our homes have become an integral part of our lives. Today they are much more than the houses we live in. Theyâ€™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 itâ€™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 home-ownership stretches well beyond a sound dollars and cents investment alone.
Owning a home brings families a sense of happiness, satisfaction, and pride.
Pride of Ownership: It feels good to have a place thatâ€™s truly your own, especially since you can customize it to your liking. â€œThe personal satisfaction and sense of accomplishment achieved through homeownership can enhance psychological health, happiness and well-being for homeowners and those around them.â€
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. Itâ€™s a way to add to the strength of your local area.
Buying a home is also an investment in your familyâ€™s financial future.
Net Worth: Homeownership builds your familyâ€™s net worth. â€œThe 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.â€
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.
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 countryâ€™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. â€œEvery 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.â€
Entrepreneurship: Homeownership is even a form of forced savings that provides entrepreneurial opportunities as well. â€œOwning 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.â€
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, letâ€™s connect today so you can begin the homebuying process.
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