June kicks off National Homeownership Month and that is reason to celebrate. For many homeowners, purchasing a home is the biggest financial investment they will make in their lifetime providing stability, peace of mind, pride of ownership and so much more.
Financial Benefits
- Buying a home puts money back into the economy at the national, state and local levels.
- Each mortgage payment increases the equity in your home, which can be used to fund retirements, education costs or other future needs.
- Some use homeownership as a primary investment source and consider it to be more reliable than the stock market.
- Homeowners have a higher net worth compared to those who rent, 40 times more to be exact!
Non- Financial Benefits
- Homeownership fosters connectedness in our neighborhoods, creating a larger and safer community.
- Our homes are a gathering place for birthday parties, baby showers and backyard barbecues bringing people together.
- In the wake of the 2020 pandemic, our homes became the safest place for us to live, work and play.
- A home can be inherited by children and grandchildren keeping the history of the home within the family for generations to come.