Home Ownership

Why Home Ownership is Good for Everyone

New home owners laughing and celebrating their purchase

It’s no wonder that owning a home is often referred to as the American Dream. While statistics show that homeownership is down from historical levels, it is still an aspiration for 61% of Americans. That number is likely to rise as the housing industry continues to recover. That is good news not only for potential first-time homebuyers, but also for the overall economy.

 

The Importance of Homeownership

For many people, owning a home represents the stability, independence and freedom of reaching adulthood. While that perception may be changing to some degree as more people wait longer to buy homes, it is still a major milestone. Real estate is considered by many to be a sound investment that offers unique wealth-building opportunities.

 

Buying a home expands options for the future, whether you plan to sell and make a profit or leverage the equity in your home to pay for other major expenses.

 

Benefitting a Community

Homeownership also helps to improve the areas surrounding individual homes. The housing industry is closely tied to the economy—when home sales are up, so are jobs. Together, these complementary forces create a more stable local, state and national economy. This is why many economic analysts wait for the latest housing numbers to be released before announcing their forecasts, as these numbers help indicate where the overall economy is headed.

 

The community also benefits from the real estate taxes paid by the property owner. These funds are used for infrastructure services and projects including:

 

  • road repair
  • construction of schools
  • library operations
  • police and fire protection
  • snow removal
  • parks and greenways
  • government social services
  • other enriching infrastructure projects

The impact goes beyond the financial aspect. In fact, some of the greatest community benefits are intangible. Homeowners in a city or town are often very invested in the area. They get involved in activities, volunteer for charity organizations and help out with special events. They feel a sense of belonging that is often greater than someone who is renting for a short term.

 

Homeowners often get involved in the politics of the community, attending city council meetings and volunteering for groups and organizations, such as neighborhood watches and school boards. In addition, they work hard to keep their properties looking nice. This sense of responsibility carries over into other areas of the community as well. That is not to say that renters don’t have the same intentions, but they often cannot stay in the same place long enough to develop roots and a sense of belonging.

 

Homeownership has far-reaching effects, financial and otherwise, starting with the buyer and continuing throughout the community.

 

Did you know?

The home equity you’ve earned
can be used in a multitude of
ways. 


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Start your application online or give us a call.

Main
  • Weekdays 8am–Midnight ET
  • Weekends 10am–6pm ET