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June is Homeownership Month: Celebrating the Benefits of Owning a Home

Jun 1
5:26
AM
Category | General

 

National Homeownership comes around every year in June. This annual celebration shines a spotlight on the significance of owning a home and the countless benefits it brings to individuals, families, and communities.  By becoming a homeowner, people get a step closer to the American dream.  Let's explore the origins of Homeownership Month, delve into the advantages of homeownership, and showcase some compelling statistics that highlight its positive impact.

The Origins of Homeownership Month

National Homeownership Month started as a week-long celebration of homeownership during the Clinton administration in 1995.

It was not until 2002, that it was officially recognized by the U.S. government to promote the value of homeownership and raise awareness about the opportunities it presents. It serves as a reminder of the American Dream and the importance of having a place to call your own.

Throughout June, various organizations, government agencies, and housing advocates come together to provide resources, education, and support to those aspiring to become homeowners.

What Are the Non-Financial Benefits of Homeownership?

Owning a home brings you and your family happiness, satisfaction, and pride.

  1. Pride of Ownership: A place to call your own. You’ll be able to customize it according to your likes and personality without anyone telling you how.
  2. Civic Participation: Homeownership creates stability, and a sense of community, and increases civic engagement.
  3. Provides Stability and creates a positive environment for families.
  4. Provides a Safe Place: Owning gives you a sense of security and privacy. Two things that have become very valuable in our lives.

What Are the Financial Benefits of Homeownership?

Buying a home is also an investment in your and your family’s financial future.

  1. Forced Savings: Your monthly mortgage payment is a form of ‘forced savings’ which builds your net worth with every payment!
  2. Home Equity: Homeownership builds equity every month. You can use that equity to start a business, pay off debt, send your kids to college and so much more.
  3. Appreciation: Home prices increase annually which helps to create a safety net.
  4. Net worth: A homeowner's net worth is 44x greater than renters! This gives you the financial freedom to invest.
  5. Stability: Rent prices may increase each year. However, a fixed mortgage payment allows you to save for future projects and guard against inflation.
  6. Tax Benefits: Speak with your CPA to discuss the possible tax benefits homeownership can bring you.

Homeownership Stats

  • Homeownership in America is constantly on the move, in-fact, some 65.8% of Americans own a home as of 2022. 
  • Millennials represent 43% of homebuyers, the highest share of any generation.
  • The average age of first-time homebuyers in the US is 36 years old according to the National Associate of Realtors (NAR).
  • U.S. homeowners on average have about $270,000 in equity, nearly $90,000 more than they had at the onset of the pandemic according to a CoreLogic report.

Bottom Line:

As we celebrate Homeownership Month in June, let us recognize the tremendous benefits that owning a home provides. From financial stability and tax advantages to a sense of community and personalization, homeownership plays a vital role in shaping individuals' lives and enhancing communities. Let us continue to support and empower individuals on their homeownership journey, creating a brighter future for all.

Home Buyer Resources

To encourage and educate aspiring home buyers, Greenway offers free information and resources. You can visit us online to learn more.

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