The Advantages of Homeownership

The longing for a home of our own is embedded in the American psyche. Homeownership is a promise of independence and self-sufficiency. For generations people have come to this country seeking this autonomy. Homeownership has been thought to express both social and political standing as well. Pride may be a good enough reason for some, but there are a plethora of reasons to invest in a house.

Stability

Renters rarely stay in one place for long-around three years at most. On the other hand, homeowners typically remain in their home for an average of twelve years. In addition, owners experience a higher quality of life according to many psychological studies. Stability is comfort, physically and emotionally.

Neighborhoods

Homeownership improves our country's neighborhoods. According to statistics, owners are more likely to improve their homes and more likely to participate in local issues affecting their individual neighborhoods. Furthermore, they're more apt to vote and be familiar with their elected officials.

Your Children

Homeowners create a positive environment for their children. They are 25% more likely to graduate from high school and 116% more likely to earn a college degree. They are also far more likely to succeed later in their lives.

Taxes

We've all heard it before: there are only two guarantees in life-death and taxes. The average homeowner paying $1,000 on their mortgage payment saves $120 per month. That certainly adds up over time.

Wealth

Homeowners have a much larger net worth than renters. Within the same income group, renters are worth less than $10,000. Homeowners are worth nearly $60,000 on average.

The Economy

Homeownership not only benefits the buyer financially, it is a huge economic stimulus, too. And an improved economy helps the entire nation.