Buying a home is a powerful decision, and it remains a key
part of the American Dream. In fact, the 2022 Consumer Insights Report from
Mynd found the majority of people polled still view homeownership as a key life
achievement. Let’s explore just a few of the reasons why so many Americans
continue to value homeownership.
The Financial Benefits of Owning a Home
One possible reason homeownership is viewed so highly is
because owning a home is a significant wealth-building tool, and it provides
meaningful financial stability over renting by locking in your monthly housing
payments for the length of your home loan. An article from Forbes explains:
“Understanding the potential benefits of homeownership
helps individuals see the value of owning property instead of renting. . . .
household wealth among homeowners is a whopping 1,469% higher on average
compared to renters, excluding home equity, making the allure of homeownership
even more enticing.”
Over time, owning a home not only helps boost your own net
worth, but it also sets future generations up for success as you pass that
wealth down. That may be why the Mynd report also says:
“Most Americans (78%) still associate homeownership with
the ‘American dream.’ And nearly two-thirds of Americans (65%) see
homeownership as a means of building intergenerational wealth.”
The Non-Financial Benefits of Homeownership
While the financial benefits of owning a home are important,
becoming a homeowner impacts you on a social and emotional level, too. As Mark
Fleming, Chief Economist for First American, says:
“. . . buying a home is not just a financial decision.
It’s also a lifestyle decision.”
Your home provides feelings of achievement, responsibility,
and more. 3by30 highlights the top 10 benefits homeowners enjoy. A few
non-financial advantages include:
·
Providing you with more freedom and control over
your living space
·
Giving you a greater sense of pride
·
Helps with community engagement
What Does That Mean for You?
If your definition of the American Dream involves greater
freedom and prosperity, then homeownership could play a major role in helping
you achieve that dream. While it may feel challenging to buy a home today as
mortgage rates and home prices rise, if the time is right for you, know that
there are incredible benefits waiting for you at the end of your journey.
You’ll have a place you can grow your wealth, call your own, and feel most
comfortable.
Like the National Association of Realtors (NAR) says:
“. . . research has consistently shown that homeownership
is also associated with multiple economic and social benefits to individual
homeowners. Homeownership has always been an important way to build wealth.”
Bottom Line
Buying a home is a powerful decision and a key part of the
long-term dream for many Americans. And if homeownership is part of your dreams
this year, let’s connect to start the process today
Source: Real Estate with Keeping Current Matters
