Advantages of Homeownership

Homeownership

There are many advantages to owning your own home. For Americans, home ownership is a symbol for economic and financial success, as well as personal freedom. It’s been a time honored tradition to set down one’s roots and become a part of a community by owning property. Since the housing bubble burst, millions of Americans have wondered if owning a home is still as beneficial as it was before the housing crisis.

Recent spikes in foreclosure and home value depreciation have put doubts in the psyche of many potential homeowners. Despite these doubts, recent studies suggest that since 2013, the housing market has been making a comeback, and the benefits to owning a home still outweigh the drawbacks. With the gradual recovery of the market, buyers and sellers attitudes are changing, making owning a home as lucrative as ever. Check out The Housing Hour’s Homeownership Matters Series to get tips and other useful information on home ownership.

Benefits To Owning A Home

As a songwriter once said, “When you’re happy, good things happen to you.” Being a homeowner can bring a sense of fulfillment and security that is impossible to put a price on. It can be stressful to own a home, but anything worthwhile takes a bit of effort. Owning your own home can give you a sense of control and accomplishment that is just not possible with renting. There really is nothing like the stability and gratification that comes from turning hard work into a tangible equity. You are in control, and knowing that gives many homeowners a deep sense of satisfaction. To learn more, check out this podcast from The Housing Hour, where Dr. Kim Manturuk gives her expert opinion on the social benefits of owning a home.

Social Status To Homeownership

With your status as a homeowner, you become a vital part of your local community. Having a stable place in the community leads to more social opportunities and pull. Owning a home gives you a voice in the community, opening doors for participation in civil engagements and community events.

Building Home Equity

When you make payments on your home, you are essentially investing in yourself. You can build real equity and cultivate a successful financial future. Besides financial wealth, you will be growing relationships with members of your community, giving you more social capital as well.

Family Advantages To Homeownership

Good quality neighborhoods with high home ownership rates are often in the vicinity of better quality schools. This can lead to more educational opportunities and enhanced social capital. Your children will have the chance to grow up in a safe and nurturing environment, giving them the best chance possible to be all that they can be. Neighborhoods with high home ownership statistically have less crime and more socio-economic opportunities as well. Visit The Housing Hour’s website to learn more about the endless benefits of owning a home.