Over the past year, our homes have become an integral part of our lives more than ever. They're more than the houses we live in. They're our workplaces, our classrooms, and safe havens that provide shelter, stability, and protection through the evolving health crisis. Today, 65.8% of Americans are fortunate enough to call their homes their own.
As we continue to think about the future, our goals for the year, and what we want to achieve well beyond 2021, it's a great time to look at the benefits of owning a home. Below are some highlights and quotes on the advantages of homeownership shared by the National Association of Realtors (NAR). From feel-good motivations to economic and social impacts on the local community, these items may give you a reason to believe homeownership stretches well beyond your financial investment.
Owning a home brings 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. Personally, I can speak to the pride I have from owning our home in Jersey City. We put an incredible amount of work into buying and gut-renovating the property.
Community Participation: As neighborhoods shift from tenant-populated to a primarily owner-occupied area, crime rates tend to fall, and the neighborhood's overall look can change. Littering, curb appearance, and other aesthetic things change as homeowners believe their home is now an investment in their future.
Civic Participation: Homeownership creates stability, a sense of community and increases civic engagement. It's a way to add to your local area's strength and drive value into your neighborhood.
Housing Security: The Federal government provided specific protections for homeowners across the country in 2020. The government gave homeowner protections before the tenant population received similar protections addressed the protections.
Buying a home is also an investment in your financial future.
Net Worth: Homeownership builds your net worth. Today, homeowners' median household net worth is $254,900, while the median net price of renters is only $6,270.
Financial Security: Equity, appreciation, and more predictable monthly housing expenses are substantial financial benefits of owning a home. Homeownership is a great way to improve your long-term financial position.
Forced Savings: Each monthly payment adds a small amount of equity. That equity can be leveraged to start a business or give us peace of mind during tumultuous financial times.
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 GDP over the past three decades.
Transaction Revenue: The revenue received from completing a transaction drives tax dollars toward updating infrastructure and education initiatives.
The benefits of homeownership go well beyond the basics. Homeownership is indeed a way to build financial freedom, find greater satisfaction and happiness, and substantially impact your community. If owning a home is part of your dream this year, let's connect so you can begin the homebuying process today.
Work With Michael
Michael has a deep understanding of real estate; but more than that, a genuine desire to help his client's reach their goals. He is passionate about gaining a deep understanding of the market and believes utilizing data to make better purchase and sales decision allows him to better serve his clients needs.