The Many Benefits of Homeownership

If the past two years of chaos have taught us anything it is the value of owning a home. Homeownership has so much more to offer and today we want to take a look at a few of the non-financial and financial benefits of it.

If you’re looking to purchase a home for yourself today, think about all the ways it can impact your life. Are you thinking hard? Here's some...

Personal and Emotional Benefits
Your agent hands you the keys to your own home and says "it's all yours," does a sense of pride and accomplishment not wash over your body? Of course it does! It’s a space that is truly yours that you can customize and change howevery you want. Whatever your little heart desires, it's a done deal. 

That sense of ownership can also extend beyond your shelter to help create social, community, and civic benefits as well. Did you know the average homeowner stays in their home for longer than just a few years? As this time passes you will naturally feel a stronger connection to your communit. This feeling can evoke a greater sense of belonging and a greater stake in your community as a whole.

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.”

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 BIG impact on your life. As you gain equity through home price appreciation and paying down your mortgage, you build your net worth. And in times of inflation, your 30-year fixed-rate mortgage can help you stabilize one of your largest 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 a powerful feeling and one we all strive for. That right there alone may give you confidence in your decision to buy a home.

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, visit our discussion board to chat with other people in the same boat as you.