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Americans Find the Nonfinancial Benefits of Homeownership Most Valuable

Americans Find the Nonfinancial Benefits of Homeownership Most Valuable

Homeownership is a foundational part of the American Dream. As we look back on more than a year of sheltering in our homes, having a place of our own is more important than ever. While financial benefits are always a key aspect of homeownership, today, homeowners rank the nonfinancial and personal benefits with even higher value.

Recently, two national surveys revealed the reasons homeownership is such an important part of life. The top three personal benefits of homeownership noted by respondents in Unison’s 2021 report on The State of the American Homeowner are:

  • 91% – feel secure, stable, or successful owning a home
  • 70% – feel emotionally attached to the homes that have kept them safe over the past year
  • 51% – call homeownership a “key part of their life”

These sentiments were supported by the most recent National Housing Survey from Fannie Mae, which also shows that the top three reasons Americans value homeownership have nothing to do with money. Those surveyed were given a list of feelings and accomplishments that are associated with or impacted by where we live. They were then asked, “To achieve this, are you better off owning or better off renting?” Here are the top three points from the list that respondents said homeownership could help them achieve:

  • 91% – control over what you do with your living space
  • 90% – a sense of privacy and security
  • 89% – a good place for your family to raise your children

Other nonfinancial advantages of homeownership revealed by the survey include feeling engaged in a community, having flexibility in future decisions, and experiencing less stress.

Bottom Line

Financial and nonfinancial benefits are a key component to the value of homeownership, but the nonfinancial side is most valued after a year full of pandemic-driven challenges. Contact a real estate professional today if you’re ready to take the first steps toward becoming a homeowner.

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1 reply
  1. Troy Erickson Realtor
    Troy Erickson Realtor says:

    Isn’t it interesting that in two most recent surveys, the main reason people are interested in owning a home have nothing to do with the financial benefits, although they can be substantial.

    Owning a home can provide many benefits in addition to financial or tax benefits, and some of them are as follows:
    The secure and stable feeling of knowing that you own a home that you can stay in as long as you make your mortgage payments. The safe feeling you get knowing that you have shelter. The emotional attachment of being able to stay in one place for as long as you want. The ability to control your own living space and make any changes you desire. Having a sense of privacy and security without having to deal with other tenants above or below you like if you were living in an apartment. The overall enjoyment of having a place to raise your family.

    These are just a few of the multiple benefits of homeownership, and why so many people still feel that home ownership is the American Dream.


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