National Homeownership Month

Let’s Explore The Benefits of Owning a Home and Promoting Pathways to Ownership

June is National Homeownership Month, a time to celebrate the joys and benefits of owning a home and to reflect on the policies that can help more Americans achieve this significant milestone. Homeownership is more than just having a place to live; it is a cornerstone of financial stability, personal satisfaction, and community strength.

Part One: Benefits of Homeownership

Most everyone knows that owning your own home provides both financial stability and helps build wealth but let’s take a moment to examine why this is true.

First, owning a home allows you to build equity over time. Unlike renting, where payments go to a landlord, mortgage payments increase your ownership stake in your property every single month. Historically, real estate tends to appreciate in value over the long term whereas most physical assets depreciate meaning the home you purchase today could be worth significantly more in the future, unlike other large purchases such as cars, RVs and boats. Homeowners often enjoy tax deductions on mortgage interest and property taxes as well, which can result in substantial savings.

Second, there is a unique sense of pride and accomplishment that comes with owning your own home. It reflects personal success and stability as well as providing the freedom to make your space truly yours, from decorating to renovating, without needing landlord approval. Unlike renting, where leases end and rent escalation forces moves, homeownership provides a more stable living situation, allowing families to settle and thrive knowing your home is truly yours.

Third, homeowners more often engage in their communities since they have a vested interest in local schools, neighborhoods, and community services. High rates of homeownership contribute to safer, more vibrant and more cohesive communities. Plus, homeowners will more likely maintain their property well which contributes to overall neighborhood appeal and stability. Once thought to be rare, children graduating high school with the same friends they sat next to in pre-K is becoming more and more common as families opt to commute longer simply to stay in the neighborhoods they have invested in.

While the benefits of homeownership are clear, achieving it remains a challenge for many. Next, we’ll explore why having a great realtor is key to homeownership.

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