6 Relative Benefits of Homeownership Today

Dated: February 8 2021

Views: 94

6 Foundational Benefits of Homeownership Today

6 Foundational Benefits of Homeownership Today | MyKCM

Over the past year, our homes have become an integral part of our lives more than ever. They’re much more than the houses we live in. They’re our workplaces, virtual schools, 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 benefits 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 reason to believe homeownership stretches well beyond your financial investment.

Non-Financial Benefits

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. “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 of your local area and drive value into your neighborhood.

Financial Benefits

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 $254,900, while the median net worth of renters is only $6,270.
  • Financial Security: Equity, appreciation, and more predictable monthly housing expenses are huge financial benefits of owning a home. Homeownership is truly the best way to improve your long-term financial position.

Economic Benefits

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 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.”

Bottom Line

The benefits of homeownership go well beyond the basics. Homeownership is truly a way to build financial freedom, find greater satisfaction and happiness, and make a substantial impact in your community. If owning a home is part of your dream this year, let’s connect so you can begin the homebuying process today.

Blog author image

KELLY RICKARD

I am a native Texan and real estate agent for Abby Realty in Spring, TX. I was born and raised in the Houston area; therefore, I know the city and surrounding areas well. Whether you are buying, sell....

Latest Blog Posts

Options for First-Time Homebuyers [INFOGRAPHIC]

Options for First-Time Homebuyers [INFOGRAPHIC]Some HighlightsWith a housing market this competitive, sometimes you have to think outside the box.Work with your trusted real estate advisors to

Read More

Are More Young People Are Buying Homes?

More Young People Are Buying HomesThere’s a common misconception that younger generations aren’t interested in homeownership. Many people point to the fact that millennials put off

Read More

What Does it Mean to be in a Sellers’ Market?

What Does Being in a Sellers’ Market Mean?Whether or not you’ve been following the real estate industry lately, there’s a good chance you’ve heard we’re in a serious

Read More

Real Estate: It is Still a Lack of Supply, Not a Lack of Demand

Real Estate: It’s Still a Lack of Supply, Not a Lack of DemandOne of the major questions real estate experts are asking today is whether prospective homebuyers still believe purchasing a home

Read More