Over the past year, our homes have become an important part of our lives more than ever before. We almost do everything in our home now, from working to virtual school. Today, 65.8% of Americans are fortunate enough to call their homes their own.
This year continues to prove to be a great time to look at the benefits of owning a home. Below are some highlights and quotes on the benefits of homeownership shared by the National Association of Realtors (NAR). From feel-good motivations to economic and social impacts on your local community, these items may give you 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 change 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.”
Civic Participation: Homeownership creates stability, a sense of community, and increases civic engagement. It’s a way to add to the strength and value of your local neighborhood.
Buying a home is also an investment in your financial future.
Net Worth: Homeownership builds your net worth. Today, the median household net worth of all homeowners is $24,900, while the median net worth of renter is only $6,270.
Financial Security: Equity, appreciation, and more predictable monthly housing expenses are huge financial benefits of owning a home. Homeownership is one of the best ways to improve your long-term financial position.
Homeownership is even an 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.
Entrepreneurship: Homeownership is also 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.”
There are several benefits of homeownership that may not be top of mind. It’s a way to build financial freedom, happiness, and find satisfaction. Connect with our mortgage experts today to find the best financing for your dream home.