Buying a home is a powerful decision, and it remains a key part of the American Dream. In fact, the 2022 Consumer Insights Report from Mynd found the majority of people polled still view home-ownership as a key life achievement. Let’s explore just a few of the reasons why so many Americans continue to value home-ownership.
The Financial Benefits of Owning a Home
One possible reason home-ownership is viewed so highly is because owning a home is a significant wealth-building tool, and it provides meaningful financial stability over renting by locking in your monthly housing payments for the length of your home loan. An article from Forbes explains:
“Understanding the potential benefits of home-ownership 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 home-ownership even more enticing.”
Over time, owning a home not only helps boost your own net worth, but it also 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 home-ownership with the ‘American dream.’ And nearly two-thirds of Americans (65%) see home-ownership as a means of building inter-generational wealth.”
The Non-Financial Benefits of Home-ownership
While the financial benefits of owning a home are important, becoming a homeowner impacts you on a social and emotional level, too. 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, then home-ownership could play a major 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 there are incredible benefits waiting for you at the end of your journey. You’ll have a place you can grow your wealth, call your own, and feel most comfortable.
Like the National Association of Realtors (NAR) says:
“. . . research has consistently shown that home-ownership is also associated with multiple economic and social benefits to individual homeowners. Home-ownership has always been an important way to build wealth.”
Bottom Line
Buying a home is a powerful decision and a key part of the long-term dream for many Americans. And if home-ownership is part of your dreams this year, let’s connect to start the process today.
