Home is more than just a roof over your head because homeownership has long been a big part of the American Dream.
In fact, the overwhelming majority of Americans still agree that owning their own home is either essential or important to achieving a feeling of success and prosperity.
Of course, there's a multitude of financial benefits to homeownership. Having a permanent place to raise a family, to establishing your own traditions, to hosting gatherings, to planning for the future, all of this and more are real benefits of owning a home.
Your life becomes more stable once you own a home
Unless you choose to move again, you shouldn't be forced to do it. Moving is hard, aggravating, and definitely expensive.
Renters who find themselves moving from one rental to another know what a hassle it can be. With your own home, it's a lot easier to make long-term plans, in addition to saving for your dream home.
Owning means you can suit your own tastes
It stinks to be forced to submit to your landlord's rules, who might have ridiculous expectations. However, when you own your home, you become the landlord.
Are You Aware?
When you own your home - YOU - are the landlord, so that means you make decisions that please YOU.
The National Association of REALTORS® (NAR) conducted studies & research, they discovered:
- Improved mental & physical health: Studies show that homeowners and their children are generally happier and healthier than renters. Many factors play a part, such as a strengthened sense of privacy. People also feel more secure knowing that a landlord cannot ask you to move or demand a significantly higher monthly rent payment.
- More engagement within your community: Homeownership gives you a chance to put down roots within your new neighborhood and town. You can build strong relationships with new friends and neighbors, teachers at the local schools, etc. The support system you will build makes life easier and less stressful.
- Higher educational achievement by your children: NAR studies show that children of homeowners are significantly more likely to achieve a higher level of education. An increase in their future earning potential follows. This holds true in ALL neighborhoods.
These results may be due to a better sense of control and an increased sense of self-worth that homeowners usually enjoy.
One fact is obvious... It's human nature to yearn deeply for your own turf. Yes, homeownership matters.