Studies show that home ownership has a significant positive impact on net worth, educational achievement, civic participation, health and overall quality of life.
Now, with some questioning whether home ownership is still good for America, it’s more important than ever to stand up for home ownership… in your community and in the nation’s capital.
Why Home Ownership Matters
Home owners are happier and healthier and enjoy a greater feeling of control over their lives, especially when they are free to do their house up how they like. Whether it is hiring in an electrician in Point Cook or similar, plumbers and roofers to execute some flashy new instalments, or a full renovation of the house and/or garden. It is a place to make one’s own.
Owning a home is one of the best ways to build long-term wealth. Historically, a home owner’s net worth has ranged from 31 to 46 times that of a renter.
Home owners are free to redecorate, renovate, and modify their homes as they wish. They can even show their patriotic values with things like a house mounted flagpole and the American flag, developing a community with other homeowners in their street.
Most home owners enjoy stable housing costs-a fixed-rate mortgage payment might not change for 15 to 30 years while rent typically increases 3% a year.
Home owners can typically deduct mortgage interest and property taxes on their federal individual income tax return.
Home owners won’t have to pay rent, while also paying renters insurance in case anything goes awry – meaning big savings compared to renters.
People who own homes vote more, volunteer more and contribute more to their neighborhoods.
Home owners do not move as frequently as renters, providing more neighborhood stability. In turn, this stability helps reduce crime and supports neighborhood upkeep.
Children of home owners do better in school, stay in school longer, are more likely to participate in organized activities and spend less time in front of the television.
67% of American households are owner-occupied. America is a nation of home owners.
Home owners pay 80 to 90% of federal individual income taxes, contributing to federal programs that benefit all Americans.
Every home purchased pumps $60,000 into the economy for furniture, home
improvements and related items.
Housing accounts for more than 15% of the national Gross Domestic Product, a key driver of our national economy.
For these reasons and more, home ownership is the American Dream!
As REALTORS®, we know all this. But not everyone does.
So spread the word: Home Ownership Matters!
For more information and data on the points above, see REALTOR.org/Homeownership