Buying a home is a powerful decision and remains an important part of the American dream. In fact, Mynd’s 2022 Consumer Insights report found that the majority of respondents still see home ownership as a major life achievement. Let’s take a look at some of the reasons why so many Americans continue to appreciate home ownership.
The Financial Benefits of Owning a Home
One of the reasons homeownership is so highly valued is that owning a home is an important tool for building wealth, and by fixing monthly housing payments for the duration of the mortgage, it can be cheaper than renting. It also provides significant economic stability. The Forbes article explains:
“Understanding the potential benefits of homeownership helps individuals see the value of owning property instead of renting. . . . household wealth among homeowners is a whopping 1,469% higher on average compared to renters, excluding home equity, making the allure of homeownership even more enticing.”
Over time, owning a home will not only help you increase your own wealth, but your passing on that wealth will set future generations up for success. That may be why Mynd’s report states:
“Most Americans (78%) still associate home ownership with the ‘American Dream’. And nearly two-thirds of her Americans (65%) see homeownership as a way to build intergenerational wealth. ”
The Non-Financial Benefits of Homeownership
The economic benefits of owning a home are important, but there are also social and emotional implications of owning a home. First American chief his economist Mark his Fleming said:
”. .Buying a home is not just a financial decision. It’s also a lifestyle choice. ”
Your home conveys a sense of accomplishment, responsibility, and more. 3by30 highlights the top 10 benefits homeowners enjoy. Non-monetary benefits include:
• More control over your living space
• Proud
• Supports community participation
what does that mean to you?
If the definition of the American dream includes greater freedom and prosperity, homeownership can play a key role in making that dream a reality. Buying a home can seem daunting today with rising mortgage rates and real estate prices, but when the time comes, incredible benefits await at the end of the journey. Please be aware of You have a place where you can grow your wealth, call it yours, and feel most comfortable.
According to the National Association of Realtors (NAR):
“. . . research has consistently shown that homeownership is also associated with multiple economic and social benefits to individual homeowners. Homeownership has always been an important way to build wealth.”
Bottom Line
Buying a home is a powerful decision and a key part of the long-term dream for many Americans. And if homeownership is part of your dreams this year, let’s connect to start the process today.
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Thu, 24 Nov 2022 20:20:31 +0000
by Mottek Group