Home has always been a place of importance for everyone around the world, including Americans. Over the past year as we have spent so much time at home, this place of refuge has become increasingly just that. Many of us continue to work from our homes, go to school from our homes, take up new hobbies in our homes, and just enjoy the utmost safety and relaxation from the world in our homes. Homeownership across the country has risen and right now 65.8% of Americans own their homes.
If you are thinking about making the step into homeownership this year is a good time to seriously look into purchasing a home. There are many benefits to owning your own home, especially when taking advantage of the current low mortgage interest rates. Here are some of the best benefits of owning your own home.
Pride in Ownership: It feels great to have a place of your own and brings a feeling of accomplishment because you have accomplished a goal. You get to customize this home to your tastes and needs (if you have an HOA this will need to be done within certain rule parameters). It is said that the satisfaction and accomplishment feelings that come from owning a home can bring psychological health and happiness and a sense of well-being.
Civic Participation: Homeownership can bring stability, a sense of community, and has increased engagement in local governments and other civic activities. It brings about increased awareness and care for the community around you adding strength to the community in which you live.
Personal Wealth-Building Benefits
Your Net Worth: owning a home adds to your financial portfolio or net worth. The median household net worth of homeowners in America is $254,900. The median net worth of renting households is about $6,270.
Security: There are many financial benefits to owning a home. The biggest benefits include equity growth, value appreciation, and more stable monthly housing costs. It is a good way to slowly build financial security.
Benefits to the Economy
Owning a home is not just a benefit to you personally but to the economy around you as well.
Housing-Related Spending: Housing-related expenses are a huge driving force in the health of the American economy. These purchases account for more than one-sixth of America’s economic activity for the past three decades.
Entrepreneurship: Owning a home gives the owner the chance to build up their credit history, or expand a business, or to generate new jobs. Homeowners can use a home as collateral for small business loans enabling a whole new world for them.
Homeownership not only benefits a homeowner financially it brings benefits emotionally and even impacts the communities around us.
More for Home Sellers
- How COVID is changing the face of real estate
- How to Buy and Sell During the COVID-19
- How Working from Home is Changing Buyer’s Needs
- 8 Tips to Selling Your Home During the Pandemic
- Homeowners have gained nearly $10K this year
- 3 Reasons to be Optimistic About Real Estate in 2021
- Will Parkland Homes hit a Housing Bubble?
- What Will Home Values Look Like This Year?