This week lets talk about owning your own home. Homeownership is the fulfillment of the American Dream, and is the traditional starting point for American families to accumulate wealth. Homeownership provides shelter and security to families, and fosters involvement in community life as well as participation in democratic institutions.
Given record levels of homeownership in the United States, owning a home of your own appears to be the clearest sign of achieving the American Dream. The National Association of Realtors® is America’s leading advocate for homeownership.
Homeownership provides important social as well as economic benefits. It is the cornerstone of a healthy community and the basis for positive community involvement.
For homeowners, the value of their homes – the largest investment most of them will make in their lifetimes – creates an incentive to stay abreast of local government actions. Owning a home gives people greater reason to care, and that makes a huge difference.
Homeowners take pride in the home they live and great pride in the community they live in. Various research shows that homeowners are more likely to vote and they volunteer time for political and charitable causes more frequently than renters. These behavior differences have been observed regardless of age or income, and positively affect both property values and quality of life.
Homeowners accumulate wealth for the future while enjoying the benefits of a shelter that they have a right to use, improve and sell. Their home is a “safe haven” for investment. Owners do not move as frequently as renters, providing for more neighborhood stability. In turn, involvement in community quality of life issues helps to prevent crime, improve childhood education and supports neighborhood upkeep.
All good reasons to buy a home. I will cover more tomorrow on home buying.