The Benefits of Homeownership May Reach Further Than You Think

By
Real Estate Agent with Smart Way America Realty AB067859

The Benefits of Homeownership May Reach Further Than You Think

The Benefits of Homeownership May Reach Further Than You Think | MyKCM

More than ever, our homes have become an integral part of our lives. Today they are much more than the houses we live in. They’re evolving into our workplaces, schools for our children, and safe havens that provide shelter, stability, and protection for our families through the evolving health crisis. Today, 65.3% of Americans are able to call their homes their own, a rate that has risen to its highest point in 8 years.

June is National Homeownership Month, and it’s a great time to reflect on the benefits of owning your own home. Below are some highlights and quotes recently shared by the National Association of Realtors (NAR). From non-financial to financial, and even including how owning a home benefits your local economy, these items may give you reason to think homeownership stretches well beyond a sound dollars and cents investment alone.

Non-Financial Benefits

Owning a home brings families a sense of happiness, satisfaction, and pride.

  • Pride of Ownership: It feels good to have a place that’s truly your own, especially since you can customize it to your liking. “The personal satisfaction and sense of accomplishment achieved through homeownership can enhance psychological health, happiness and well-being for homeowners and those around them.”
  • Property Maintenance and Improvement: Your home is your stake in the community, and a way to give back by driving value into your neighborhood.
  • Civic Participation: Homeownership creates stability, a sense of community, and increases civic engagement. It’s a way to add to the strength of your local area.

Financial Benefits

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

  • Net Worth: Homeownership builds your family’s net worth. “The median family net worth for all homeowners ($231,400) increased by nearly 15% since 2013, while net worth ($5,000) actually declined by approximately 9% since 2013 for renter families.”
  • Financial Security: Equity, appreciation, and predictable monthly housing expenses are huge financial benefits of homeownership. Homeownership is truly the best way to improve your long-term net worth.

Economic Benefits 

Homeownership is even a local economic driver.

  • Housing-Related Spending: An economic force throughout our nation, housing-related expenses accounted for more than one-sixth of the country’s economic activity over the past three decades.
  • GDP Growth: Homeownership also helps drive GDP growth as the country aims to make an economic rebound. “Every 10% increase in total housing market wealth would translate to approximately $147 billion in additional consumer spending, or 0.8% of GDP, as well as billions of dollars in new federal tax revenue.”
  • Entrepreneurship: Homeownership is even a form of forced savings that provides entrepreneurial opportunities as well. “Owning a home enables new entrepreneurs to obtain access to credit to start or expand a business and generate new jobs by using their home as collateral for small business loans.”

Bottom Line

The benefits of homeownership are vast and go well beyond the surface level. Homeownership is truly a way to build financial freedom, find greater satisfaction and happiness, and make a substantial impact on your local economy.

If owning a home is part of your dream, connect today with Kris Collis, Associate Broker, Your Pro in the Poconos, for trusted and value-added results you expect. Begin the homebuying process with confidence, navigate with professional guidance each step of the way.  Soon you will be celebrating the achievement of this very special milestone.

Courtesy:  KCM

Posted by

Your Trusted Pro in the Poconos, Professional Results You Expect 

Kris Collis, Associate Broker

Smart Way America Realty

East Stroudsburg, PA 18301

Client Endorsements

570-801-5525

buysellpocono@gmail.com

Comments (4)

Realtyna Inc
Realtyna - Newark, DE
Realtyna- MLS RETS Integration software & services

Hi Kris Collis, Associate Broker, the non-financial benefits are important and often neglected. Thanks for the great blog.

Jun 02, 2020 02:23 AM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Kris Collis, Associate Broker the financial benefits are at a magnitude that continues to strengthen.... good post, as always...

Jun 02, 2020 03:14 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Kris. The stability of having children in the same school system is a consideration for many. Enjoy your day!

Jun 02, 2020 04:17 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Kris Collis, Associate Broker ,

Excellent post and glad to see it featured. You are right our home has become a more intrgal part of our lives now because its also where we work, schools for our children and a safe harbor for us.

Jun 02, 2020 06:32 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Kris - you're right, the benefits exceed those that are financial.  Peace-of-mind and other emotions definitely come into play.   

Jun 02, 2020 06:40 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Kris and great blog that buyers should know about.  Not just shelter anymore more but office, restaurant,and so much more.  Can I reblog this sometime.

Jun 02, 2020 08:30 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Kris Collis, Associate Broker - you really nail down the most important reasons for ownership.  Glad it was featured.

Jun 02, 2020 10:04 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Kris Collis, Associate Broker - Congratulations on receiving a FEATURE!!!

I remember how scary it seemed the first time I purchased a home and the fact that it was a VA Loan made it even more critical to dot every i and cross every t but most important of all what stuck in my head forever was the lecture (1979) I got and the pamphlets I received from the VA about not missing a payment, maintaining the home because until it was paid off (30 years later) the government could take it away! There was no Realtor involved in the sale of the home I purchased, nor from the Seller's side either. Oh, the things I know today I wish I had known years ago!!!

Sep 16, 2020 07:57 AM
Kris Collis, Associate Broker

btw, note the date of the blog post, June 1, 2020.  It appears to be a restored post from the crash.  

Sep 18, 2020 04:16 AM
Kris Collis, Associate Broker

Patricia Feager, MBA, CRS, GRI,MRP Interesting VA story of home sale/purchase without a realtor.  I suspect you could write a book on your industry experiences.

Sep 18, 2020 04:15 AM