Buying a home is a powerful decision, and it remains a vital part of the American Dream. The 2022 Consumer Insights Report from Mynd found that most people polled still view homeownership as a critical life achievement. Let’s explore just a few of the reasons why so many Americans continue to value homeownership.
The Financial Benefits of Owning a Home
Homeownership is viewed highly because owning a home is a powerful wealth-building tool. It provides meaningful financial stability over renting by locking your monthly housing payments for the length of your home loan. An article from Forbes 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 helps boost your net worth and sets future generations up for success as you pass that wealth down. That may be why the Mynd report also says:
“Most Americans (78%) still associate homeownership with the ‘American dream.’ And nearly two-thirds of Americans (65%) see homeownership as a means of building intergenerational wealth.”
The Non-Financial Benefits of Homeownership
While the financial benefits of owning a home are essential, becoming a homeowner also impacts you on a social and emotional level. As Mark Fleming, Chief Economist for First American, says:
“. . . buying a home is not just a financial decision. It’s also a lifestyle decision.”
Your home provides feelings of achievement, responsibility, and more. 3by30 highlights the top 10 benefits homeowners enjoy. A few non-financial advantages include:
- Providing you with more freedom and control over your living space
- Giving you a greater sense of pride
- Helps with community engagement
What Does That Mean for You?
If your definition of the American Dream involves greater freedom and prosperity, homeownership could play a significant role in helping you achieve that dream. While it may feel challenging to buy a home today as mortgage rates and home prices rise if the time is right for you, know that incredible benefits await you at the end of your journey. You’ll have a place you can grow your wealth, call your own, and feel most comfortable.
As the National Association of Realtors (NAR) says:
“. . . 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.”
Buying a home is a powerful decision and a crucial 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.