For many, our homes are more than just the place that we live in. Our homes have become our workplaces, schools, and safe haven during the global pandemic. Today, 65.6% of Americans call their homes their own, a rate that has risen to its highest point in 8 years.
As National Homeownership Month kicks off this June, homeowners have every reason to celebrate. We firmly believe that the benefits of owning a home aren’t only financial. Here are a few ways that homeowners are benefitting.
A Sense of Security: Owning a home gives you a sense of security and privacy – two things that have become even more valuable as we’ve tackled the challenges of the pandemic.
Stability: Owning a home means having better control over your future housing payments. Over the years, a mortgage stays relatively steady, but rent costs continue to rise.
Community Involvement: Homeowners have a stronger connection to their neighborhoods and are more committed to volunteer work in their communities.
Pride of Ownership: Owning a home is having a space that is all yours. This means that you can decorate to your personal liking and make it reflect your own personality.
Building Equity: Your equity increases with each payment you make toward your mortgage.
Appreciation: Owning a home is making an investment that steadily gains value, and it’s projected that home values will continue to rise in the years to come.
If you own your home, take time to celebrate the ways homeownership has benefited you. If you hope to become a homeowner this year, let’s connect to take the first steps!