Did you hear that Americans find that the nonfinancial benefits of homeownership are the most valuable? While the financial benefits of homeownership are still in view, the last year of changes made homeowners rank the non-financial benefits of homeownership more than ever before.
When surveying Americans on the reasons homeownership is a crucial part of life, it was shown that the top three personal benefits of homeownership are:
• 91% – feel secure, stable, or successful owning a home.
• 70% – feel emotionally attached to the homes that have kept them safe over the past year.
• 51% – call homeownership a “key part of their life”.
This data was from the respondents in Unison’s 2021 report on The State of the American Homeowner.
The National Housing Survey from Fannie Mae shows that the top three reasons Americans find value in owning a home have nothing to do with the financial side. In the survey, a majority of consumers believe that homeownership led to being better off financially and to building wealth. There are also non-financial benefits to owning a home compared to renting. Surveyors were given a list of feelings and accomplishments and asked which they associated the items with more: homeownership or renting. We have listed the top three non-financial benefits to owning a home below:
• 91% – control over what you do with your living space.
• 90% – a sense of privacy and security.
• 89% – a good place for your family to raise your children.
It’s no surprise that having control over what you do with your living space was at the top of the list. Renters have little freedom when it comes to making changes in living space. Additionally, it was found in the survey that most people find that owning a home helps them to feel more engaged in the community, have more flexibility in future decisions, and experience less stress.
Bottom Line for Homebuyers
Pre-pandemic, the financial benefits may have been top of mind for most when it comes to the perks of homeownership. However, like so many other things, the pandemic has changed the way most people think about owning a home. For most Americans, the nonfinancial benefits now outweigh the financial benefits of homeownership. Do you want to take advantage of the financial and non-financial benefits of homeownership? Connect with our team today to discuss your options and get started on your journey to achieving the American Dream of homeownership.
Topics: Home Buyer, rent vs. buy, Safety, homebuying process, millennial homebuyers, Pandemic Home Buying
