June is National Homeownership Month and Greenway Mortgage is celebrating all month long.
For many generations, owning a home has been a source of pride and security. In fact, it has always been considered a major part of the American Dream. From rural counties to bustling cities, owning a home offers an opportunity to lay down roots, start a family and embark on new beginnings. And now, more than ever, our homes have become an integral part of our lives. With millions of people stuck in their homes this past year, the pandemic has definitely changed the meaning and the experience of “home”. They’re much more than the houses we live in. They’re our workplaces, virtual schools, and safe havens that have provided shelter, stability, and protection.
Even with a new perspective on homeownership, the benefits that it brings to families, neighborhoods, and communities across America have not.
How It All Started
National Homeownership Month started as a week-long celebration of homeownership during the Clinton administration in 1995. In 2002, President George W. Bush proclaimed June as the National Homeownership Month. Today, the mortgage industry continues the message of helping people realize the dream of responsible homeownership.
Owning a home brings families a sense of happiness, satisfaction, and pride.
- 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.
- Civic Participation: Homeownership creates stability, a sense of community, and increases civic engagement.
- Provides Stability and creates a positive environment for families.
Buying a home is also an investment in your family’s financial future.
- Forced Savings: Your monthly mortgage payment is a form of ‘forced savings’ building your net worth with every payment!
- 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.
- Appreciation: Home prices increase annually which helps to create a safety net.
- Net worth: A homeowners’ net worth is 44x greater than renters! This gives you the financial freedom to invest.
- Stability: Rent prices may increase each year. However, a fixed mortgage payment allows you to save for future projects and guard against inflation.
- Tax Benefits: Speak with your CPA to discuss the possible tax benefits homeownership can bring you.
Homeownership is even a local economic driver.
- Housing-Related Spending: House-related expenses account for more than one-sixth of the country’s economic activity over the past three decades.
- GDP Growth: Homeownership drives GDP growth as the country aims to make an economic rebound.
- Entrepreneurship: Since homeownership is a form of ‘forced savings’, it helps to provide entrepreneurial opportunities as well for those who want to start or expand a business. In turn, this generates new jobs.
Homeownership is and will always be part of the American Dream. There are many financial and non-financial benefits to take advantage of when owning a home.
- FREE First-Time Home Buyer eBOOK – includes handy resources & checklists
- First-Time Home Buyer RESOURCES – check out our first-time buyer programs!
- Home Buying Comparison Chart - take this chart with your during your home search!
- Buying Your First Home – learn everything you need to know!
- Mortgage Videos – learn about the mortgage process, programs & more
- Mortgage Calculators – we have an entire library of easy-to-use calculators!
- Mortgage Terms – get up to speed on some mortgage terminology
- What to Expect During the Mortgage Process
- 6 Step Loan Process
- Get a FREE pre-approval
- Ready to get started? Apply Now using our online application.