Buying a home is a powerful decision, and it remains a key part of the American Dream. In fact, the2022 Consumer Insights ReportfromMyndfound the majority of people polled still view homeownership as a key life achievement. 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-building tool, and it provides meaningfulfinancial stabilityover renting by locking in your monthly housing payments for the length of your home loan. An article fromForbesexplains:
Understanding the potential benefits of homeownership helps individuals see the value of owning property instead of renting. . . . household wealth among homeowners is a whopping1,469% 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 ownnet worth, but it also sets future generations up for success as you pass that wealth down. That may be why theMyndreportalso 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 forFirst American,says:
. . . buying a home is not just a financial decision.Its also a lifestyle decision.
Your home provides feelings of achievement, responsibility, and more.3by30highlights 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 youachieve that dream. While it may feel challenging to buy a home today asmortgage ratesandhome pricesrise, if the time is right for you, know that there areincredible benefitswaiting for you at the end of your journey. Youll have a place you cangrow your wealth, call your own, and feel most comfortable.
Like theNational 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, connect with a local real estate advisor to start the process today.
When you are ready to buy or sell your next home, please call me, Marie McLaughlin 727-858-7569.
Source:https://www.floridarealtors.org/news-media/news-articles/2022/10/should-sellers-list-now-or-try-wait-it-out
