Buying a home is a powerful decision, and it remains at the heart of the American Dream. Unlike renting, owning a home means more than just having a place to live it offers a sense of belonging, stability, and freedom.Accordingto Nicole Bachaud, Senior Economist atZillow:

The American Dream is still owning a home. Theres a lot of pent-up demand for ownership; that isnt going to go away.

Lets 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 significantwealth-buildingtool. That may be why Jessica Lautz, Deputy Chief and VP of Research at theNational Association of Realtors(NAR),says:

Homeownership is the number one way to build wealth in America.

Over time, owning a home not only helps boost your ownnet worth, but it also sets future generations up for success as you pass that wealth down.Habitat for Humanityexplains:

Overall, homeownership promotes wealth building by acting as a forced savings mechanism and through home value appreciation. Homeowners make monthly payments that increase their equity in their homes by paying down the principal balance of their mortgage. . . . In addition, owning a home promotes intergenerational homeownership and wealth building. Children of homeowners transition to homeownership earlier lengthening the period over which they can accumulate wealth . . .

It can also provide meaningfulfinancial stabilitycompared to renting. When you buy with a fixed-rate mortgage, you can lock in your monthly housing payments for the length of your home loan.

The Non-Financial Benefits of Homeownership

But, owning a home offers more than justfinancial benefitsit benefits you socially andemotionallytoo. Yourhomeprovides feelings of achievement, responsibility, and more. In a recent survey,Fannie Maeoutlinesjust a few of these more emotionally-driven benefits, including:

The top three were having control over what you do with your living space (94%) to having a sense of privacy and security (91%) and having a good place for your family or to raise your children (90%) . . .

What Does That Mean for You?

If your idea of theAmerican Dreaminvolves greater freedom, security, and prosperity, homeownership could be a key player in bringing that dream to life. And withmortgage ratesnow on a downward trend, it might be a good time for you to consider making a move.

If youre ready and able to buy, know that there are incredible benefits waiting at the end of your journey. Youll gain more than just a home its a place to grow your wealth and call your very own. Like Ksenia Potapov, Economist atFirst Americansays:

homeownership remains an important driver of wealth accumulation and the largest source of total wealth among most households.

Bottom Line

Buying a home is a powerful decision and the cornerstone of the American Dream. If finding a place to call your own is part of yourdreamfor this year, call me, Marie McLaughlin 727-858-7569.

Source:https://www.keepingcurrentmatters.com/2024/01/15/homeownership-is-still-at-the-heart-of-the-american-dream/