Homeownership is, was and will always be part of our American culture. A recent National Pulse Report by the National Association of Realtors®’ (July 2017) showed the majority of Americans believe owning a home is a good financial decision. In fact, 84% thought it was a good idea to buy a home, the highest it’s been since the Great Recession. Among those surveyed, here are the top 5 reasons why homeownersip is a good financial decision.
Why Homeownership Is Really Smart
Homeownership means the money you spend on housing goes towards building equity, rather than to a landlord.
Homeownership creates the opportunity to pay off a mortgage and own your home by the time you retire.
Homeownership is an investment opportunity that builds long-term wealth and increases net worth.
Homeownership means a stable and predictable monthly mortgage payment.
Homeownership allows for various deductions on federal, state, and local income taxes.
11% of the sample did not agree and 5% didn’t know if purchasing a home was a good idea or not.
A plethora of other homeownership benefits lead to people’s well being. These benefits include quality of life along with mental and physical health. Here are the 5 top Well Being benefits of homeownership among those surveyed.
Well-Being Benefits Of Owning A Home
1) Home owners tend to remain in their homes longer than renters, and
help build safe and secure neighborhoods.
2) Home ownership provides a stable and safe environment for children and
other family members.
3) Home ownership is associated with a stable home environment, which
leads to greater educational success for children.
4) Home ownership can reduce the stress and anxiety associated with
rentals and moving, and improve mental health.
5) A home mortgage is often less expensive than renting, which can
improve family health by freeing up money for healthier foods and doctor’s appointments.
The majority of Americans believe owning a home leads to building safer neighborhoods and a more stable environment. The overwhelming majority of the public thinks buying a home is a solid financial decision. So where do people go to get more information to own a home? Interestingly enough Realtors were the second most trusted source behind family and friends. For more real estate information contact your local Realtor or me, Paul McParland and I will gladly refer one to you. The American Dream is alive and well!