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What are the Benefits of Becoming a Homeowner?

What are the Benefits of Becoming a Homeowner?

Every family has a list of important dates. We celebrate birthdays, anniversaries, pet adoptions…and the list goes on. For 64.4 percent of households in the United States, this list includes the day they became a homeowner for the first time!

Why is this date important? Homeownership is not just a roof over your head! It represents shelter, stability, wealth, and pride! For decades, homeownership has been an important part of the American Dream!

However, many question if the next generations see the same benefits of homeownership as their predecessors.

In case we have forgotten, some of those benefits are:

Non-Financial Benefits

  1. Educational Achievement: Homeownership has a positive impact on academic achievement, including reading and math performance in children 3-12 years old.
  2. Civic Participation:Owning a home means owning a part of the neighborhood.” Homeowners have a stronger connection to their neighborhood and are more committed to volunteer.
  3. Health Benefits: Adjusting for a range of demographic, socioeconomic and housing-related characteristics, homeowners have a substantial health advantage over renters.
  4. Public Assistance: The report shows 47% of homeowners use their home equity credit lines to help pay other debts, diminishing their need for public assistance.
  5. Property Maintenance and Improvement: A well-maintained home not only generates benefits through consumption and safety, but a high-quality structure also raises mental health.
  6. Pride of Ownership: This place is uniquely “yours.” You can customize it according to your likes and personality.

In addition to financial benefits, homeownership also brings significant social benefits. These not only pertain to the family, but extend to the communities, the state, and the country!

Financial Benefits

Buying a home is an investment in your future!

  1. Appreciation: On average, home prices are appreciating annually at a rate of 3.6%. This helps to create a safety net.
  2. Forced Savings: Your mortgage is like a forced savings plan! With each payment, you are reducing the principal of your loan.
  3. Home Equity: Homeownership builds equity every single month. You can later use that equity to start a business, send your children to college, etc.
  4. Net Worth: A homeowners’ net worth is 44x greater than renters! This gives you the financial freedom to invest.
  5. Stability: Rent prices increase 4% annually! A fixed mortgage payment allows you to save for future projects and guard against inflation.
  6. Tax Benefits: The government has created tax benefits to encourage customers to purchase. (Talk to your CPA to see which benefits apply to you).

Bottom Line

Homeownership is and will always be part of the American Dream! There are many financial and non-financial benefits to take advantage of when owning a home. If owning a home is part of your dream, contact a local real estate professional to help you with the process!

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9 replies
  1. Erika Brady
    Erika Brady says:

    Thanks for explaining the many benefits of owning a home for families and individuals, such as how it can improve academic achievement for children aged 3-12. Since this is the case, it would probably be a good idea to purchase a house as soon as possible so your children can get the academic improvement and other benefits as soon as possible. When choosing one, it would probably be a good idea to monitor your finances and work with a real estate agent so you can get an understanding of the market to find single-family homes for sale that will benefit you and your kids.

  2. Sarah Packer
    Sarah Packer says:

    My husband and I just want to move since our daughter is a little older and we wanted tips on buying. I didn’t know having a house can affect your kids’ math and reading performance when they’re 3-12. My daughter is going to be in elementary school, so I think we’ll try to find a single family home that would be affordable and stylish for us before she has to start school, thanks to this post! https://www.century21steele.com/featured-searches/single-family

  3. Luke Smith
    Luke Smith says:

    Buying a single-family home can give you a sense of owning and customizing the place according to your taste. My friend can’t choose between buying a condo or a single-family townhouse for their family. So, I think sharing this article with her can help her decide, but I’ll connect her with a real estate agency that can assist her with the paperwork and processes.

  4. Brad Erwin
    Brad Erwin says:

    It’s interesting that 3-12 years can have a better learning experience if their guardians own the home they live in. My wife and I have been trying to decide between buying and renting our next home when we move next month. I will be sure to keep the academic benefits of homeownership in mind and suggest to my wife that we buy our next home.

  5. rachel frampton
    rachel frampton says:

    It’s great to have learned that being a homeowner has a lot of benefits, such as I’ll be able to build equity every single month. I’ve been wanting to buy a single-family home because its size is just perfect for our small family. That’s why I’m currently looking for a real estate company that will lead us to the perfect house.

  6. Alice Carroll
    Alice Carroll says:

    You made good point that owning part of a neighborhood would mean that I could participate more actively in volunteering efforts. As an environmental activist, i like being able to do my part in rallying people close to me to follow suit in taking steps to save the environment. Perhaps I should start managing my finances to see when I could buy my own single family home.

  7. Afton Jackson
    Afton Jackson says:

    A good friend of mine who I knew back from high school has started earning large sums of money after landing his dream job. He asked me if there were any benefits to getting his own place and I wanted to convince him, and so I appreciated the article for showing the financial benefits of owning a home and treating it as an investment. What was especially helpful was the tax benefits that may be applicable to my friend where they wouldn’t have been if he continued to rent. I’ll be showing your article to him and possibly even look for a real estate agent that can help us browse for his first-ever home purchase. Thank you

  8. Victoria Addington
    Victoria Addington says:

    It’s interesting to know the benefits of being a homeowner. Since we’ve saved enough money to purchase a single-family home, I’m glad to read about the responsibilities of being a homeowner. Wow, I had no idea that the net worth of someone who owns a house is 44x greater than renters, which allows us to invest.

  9. Chris Pederson
    Chris Pederson says:

    I had no idea that 64.4 percent of homeowners celebrate the day they got their house. My wife and I are looking for a home. It will be something special no matter what but celebrating that day could make it so much better.


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