6 Fundamental Benefits of Homeowning Today | Staten Island Real Estate Update

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6 Fundamental Benefits of Homeowning Today |  Simplifying The Market

Over the past year, our homes have become more than ever an integral part of our lives. They are much more than the houses we live in. They are our workplaces, virtual schools and safe havens that provide shelter, stability and protection through the evolving health crisis. Today 65.8% of Americans are lucky to call their homes their own.

As we continue to think about the future, our goals for the year, and what we want to achieve after 2021, it’s a great time to look at the benefits of owning a home. Below are some highlights and quotes on the benefits of home ownership shared by the National Association of Real Estate Agents (NAR). From well-being motives to economic and social impacts on the local community, these articles may give you reason to believe that home ownership far outweighs your financial investment.

Non-Financial Benefits

Owning a home brings a sense of happiness, contentment and pride.

  • Pride of Possession: It’s good to have a place of your own, especially since you can customize it to your liking. “The personal satisfaction and sense of accomplishment achieved through homeowning can improve psychological health, happiness and well-being for homeowners and those around them.”
  • Civic Participation: Home ownership creates stability, a sense of community, and increases civic engagement. It’s a way to add strength to your local environment and instill value into your neighborhood.

Financial Benefits

Buying a home is also an investment in your financial future.

  • Net worth: Home ownership builds your net worth. Today the average net worth of all homeowners is $ 254,900, while the average net worth of tenants is only $ 6,270.
  • Financial Security: Equality, appreciation and more predictable monthly housing expenses are huge financial benefits of owning a home. Home ownership is really the best way to improve your long-term financial position.

Economic Benefits

Home ownership is even a local economic driver.

  • Housing Expenses An economic force across our nation, housing-related spending has accounted for more than a sixth of the country’s economic activity over the past three decades.
  • Entrepreneurship: Home ownership is also a form of forced savings that can give business opportunities. “Owning a home enables new entrepreneurs to gain access to credit to start or expand a company and generate new jobs using their home as collateral for small business loans.”

Bottom Line

The benefits of home ownership go beyond the basics. Home ownership is really a way to build financial freedom, find greater satisfaction and happiness, and make a big impact in your community. If owning a home is part of your dream this year, let’s get connected so you can start buying a home today.

Content previously posted in Keep Current Things

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