u’re going to make it as good as possible because you’re in for a long time, . . . “
And that can create a greater sense of ownership, pride, and connection with your home and your community.
It Can Enhance Your Neighborhood and Civic Engagement
Homeownership can lead you to get even more involved with your local area. After all, you’re putting your roots down in a location and will want to do what you can to help improve it, much like your home. In a recent report, the National Association of Realtors (NAR) says:
“Living in one place for a longer amount of time creates and [sic] obvious sense of community pride, which may lead to more investment in said community.”
The Financial Benefits of Homeownership
When you choose to become a homeowner, you’re making a financial decision as well. That’s because your home is also an investment.
It Can Help You Feel Financially Stable
Homeownership is truly one of the best ways to improve your long-term financial position. Not only will you have a predictable monthly housing expense that can benefit your budget in the short term, but you’ll also gain equity as your home appreciates in value and you make your monthly mortgage payment. As Freddie Mac says:
“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”
It Can Grow Your Wealth
Because of your growing equity, you can build your net worth as a homeowner. And when you compare the difference in net worth between a renter and a homeowner, it’s clear that owning a home truly offers a great way to build your long-term financial position.
According to the latest data from NAR, the median household net worth of a homeowner is roughly $300,000, while the median net worth of renters is only about $8,000. That means a homeowner’s net worth is nearly 40 times that of a renter.
Homeownership is truly a way to find greater satisfaction and happiness and to build financial freedom. If National Homeownership Month has you dreaming about purchasing a home, then let’s connect to begin the process today.