The past two years have taught us the actual value of homeownership, especially the stability and the feeling of accomplishment it can provide. But homeownership has so much more to offer. Here’s a look at a few of the non-financial and financial benefits of owning a home. So if you’re looking to buy a home today, think about how homeownership can impact your life.
Homeownership Has Impactful Personal and Emotional Benefits
Owning your home gives you a powerful sense of pride because it’s genuinely your space. And as a homeowner, you can customize your home to your heart’s desire. Having a room you’ve put your stamp on enhances the pride and sense of ownership you may feel.
And that sense of ownership can extend beyond your shelter to help create social, community, and civic benefits. That’s because the average homeowner stays in their home for longer than a few years. That means you’ll naturally feel a stronger connection to the community around you the longer you live there. This can help you experience a greater sense of belonging and a more significant stake in your community. As the National Association of Realtors (NAR) says:
“Living in one place for a longer amount of time creates an obvious sense of community pride, which may lead to more investment in said community.”
Owning a Home Is a Significant Step Toward Financial Stability
In a financial sense, homeowners benefit from home price appreciation, equity gains, and having a shield against some of the effects of inflation. These benefits can have a significant impact on your life. For example, you build your net worth as you gain equity through home price appreciation and paying down your mortgage. And in times of inflation, your 30-year fixed-rate mortgage can help you stabilize one of your most significant monthly expenses for the duration of your loan.
Lawrence Yun, Chief Economist for NAR, explains how you can start to see these lasting effects of homeownership as soon as you make your purchase:
“Owning a home continues to be a proven method for building long-term wealth. . . . Home values generally grow over time, so homeowners begin the wealth-building process as soon as they make a down payment and move to pay down their mortgage.”
Knowing you’ve made a good investment soon after your purchase is powerful. And that may give you confidence in your decision to buy a home.
Bottom Line
The benefits of owning a home are foundational. As a homeowner, you can feel proud of the space you call home and know you’ve made a sound financial investment. To learn how homeownership can help you, let’s connect to start today’s conversation.