Celebrate National Homeownership Month
On June 1st President Biden made a proclamation that the month of June is National Homeownership Month. According to this proclamation, “homeownership is the cornerstone of a life with security, with dignity, and with hope.” It goes on to say that “a home is more than four walls and a roof.” That is because “it is a place where we can celebrate triumphs and weather the trials of life.” Because of this, the proclamation acknowledges that “the aspiration to own a home is connected deeply to the American dream.” The team at Streamline Realty could not agree more. That is why we wake up every morning and fight diligently for our clients to make sure that everyone who wants to own a home can. In honor of National Homeownership Month, we want to take the time to celebrate why homeownership should truly be celebrated.
Buying a House is a Great Investment
Buying a house does just make sense, it makes dollars and cents. For millions of Americans, the belief that homeownership is a great investment is gospel. According to research from Gallup, owning a home is considered the best investment possible for the eighth year in a row. These survey results are more than mere sentiment. They reflect the truth that is demonstrated by the data.
One of the big reasons why owning a home is a great investment is that homeowners benefit from equity. As you pay down your mortgage and the value of your home increases, the difference between the amount you owe and the home’s value is your equity. Equity is an asset and it has been increasing because of the red hot real estate market. In 2020, homeowner equity grew by 1.5 trillion dollars in the United States. That is over $26,000 per homeowner. Those figures represent American families growing their assets. The fact is that the median homeowner has 40 times the wealth of a renter. Buying a home is a great way to build wealth and pass it along to future generations.
Buying a House Provides Financial Security
Aside from growing wealth, being a homeowner helps provide financial security and stability. When you buy a home, you lock in how much you spend out of your monthly budget on housing expenses. Even if you have a mortgage, your monthly payment stays the same regardless of what happens to the value of your home. However, if you are a renter, then it is a different story altogether. During the pandemic, rents fell temporarily across the nation. Now that we are getting the pandemic under control, rents are rising across the country. These current prices in rent are not an aberration. They are the trend. Rents have been increasing dramatically over the years which is why many homeowners spend ever increasing amounts on housing. Homeowners do not have to worry about rent increases, which gives them financial stability and predictability.
Nonfinancial Benefits of Homeownership
As the proclamation makes clear, “a home is more than four walls and a roof.” It is also more than an investment vehicle. Owning a home gives you a place to call your own and gives you a place to make memories with those you love. When you rent, you are sometimes forced to leave neighborhoods you love because the cost of rent becomes too much for your budget. If you own a house, then you do not have these worries. You can live in the neighborhood you love and you can put down real roots. This gives you a chance to get to know your neighbors and learn all of the quirky details that make it the perfect place for you to grow old.
Owning your own home also gives you a sense of security and privacy. Your house is your castle, and within the confines of your walls, you can truly be yourself. Renting is not the same. You are not the owner and you do not make the rules. Renters have to follow the rules of landlords. They dictate how you paint your house and what you do with your lawn. When you own a house you have the security of painting purple accent walls if that is the aesthetic you desire. Do you want a dog or a cat? You can have both! All without ever having to pay a pet deposit or worry about breed restrictions. Getting to be yourself without worrying about what your landlord thinks is a true blessing and it is only one that homeowners know.
Final Thoughts
Owning a home is worthy of a celebration and we are downright pleased that the month of June celebrates homeowners across our nation. If you are not a homeowner, then there can still be reason to celebrate. This can be the month where you decide that one day you too will be a homeowner. With the right team and the right plan, you can buy a house of your own before you know it.
Even though June is National Homeowners Month, for all the reasons above homeowners are celebrating year-round. Do not take this proclamation as a reason to feel left out if you are still renting. Instead, use this as motivation to do what you can to join their ranks. If you have the desire to be a homeowner and do not know where to start, contact us! The team at Streamline Realty is here to walk you through how we can make your dream of buying a home a reality.
