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© Copyright 2020 NATIONAL ASSOCIATION OF REALTORS®

Homeownership! shelter, stability, wealth, and pride

Homeownership is not just a roof over your head! It represents shelter, stability, wealth, and pride! For decades, homeownership has been an important part of the American Dream!  It is the biggest investment you will make in your life.  But, it's also the most rewarding and exciting.

Times are uncertain right now but statistically, there are reasons you are better off as a homeowner vs a renter.  

Non-Financial Benefits

1. Educational Achievement: Homeownership has a positive impact on academic achievement, including reading and math performance in children 3-12 years old.
2. Civic Participation: “Owning a home means owning a part of the neighborhood.” Homeowners have a stronger connection to their neighborhood and are more committed to volunteer.
3. Health Benefits: Adjusting for a range of demographic, socioeconomic and housing-related characteristics, homeowners have a substantial health advantage over renters.
4. Public Assistance: The reports show 47% of homeowners use their home equity credit lines to help pay other debts, diminishing their need for public assistance.
5. Property Maintenance and Improvement: A well-maintained home not only generates benefits through consumption and safety, but a high-quality structure also raises mental health.
6. Pride of Ownership: This place is unique.  It's “yours.” You can customize it according to your likes and personality.

In addition to financial benefits, homeownership also brings significant social benefits. These not only pertain to the family, but extend to the communities, the state, and the country!

Financial Reasons - Buying a home is an investment in your future!

1. Appreciation: On average, home prices are appreciating annually at a rate of 3.6%. This helps to create a safety net.
2. Forced Savings: Your mortgage is like a forced savings plan! With each payment, you are reducing the principal of your loan.
3. Home Equity: Homeownership builds equity every single month. You can later use that equity to start a business, send your children to college, etc.
4. Net Worth: A homeowners’ net worth is 44x greater than renters! This gives you the financial freedom to invest.  
5. Stability: Rent prices are projected to increase by 2.3% in 2020! A fixed mortgage payment allows you to save for future projects and guard against inflation. According to the National Association of Realtors, after 6 years, you will be putting money in your pocket vs renting.  
6. Tax Benefits: The government has created tax benefits to encourage customers to purchase. (Talk to your CPA to see which benefits apply to you).

Statisticians/economists at the National Association of Realtors research these facts daily and have for centuries.  Don't put off having shelter, stability, wealth, and pride of ownership.  You deserve that to yourself.