why homeownership matters
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By Bonnie Nault | Published on August 13, 2021
Homeownership and its positive impact on families, communities and the nation's economy has been a source of hope for many during the rough times and tumultuous economy associated with the pandemic. With home sales continuing to skyrocket, the American Dream of homeownership and identifies the many benefits of owning that roof over your head.
"Most consumers know that homeownership is among the most sound investments an individual can make to begin building their personal wealth. However, owning a home is not just in the best interest of the homeowner. Homeownership provides social stability, builds communities and is a driving force for the national economy," said Bonnie Nault, President of the Eastern CT Association of Realtors®.
Below are some of the benefits of reaching the American Dream:
Social stability
Improved educational performance, lower crime rates and improved health are a few social benefits linked to homeownership. "Homeownership allows households to accumulate wealth, which opens doors to more engagement in communities through volunteer work, involvement in social activities and electoral participation," said Nault.
Strong communities
Homeowners tend to stay in their homes longer than renters, dedicate more money to improve their home and are more engaged in enhancing their community. "Homeowners are often more invested in their home and their surroundings, which leads to stronger neighborhoods and communities and increased interaction between neighbors," said Nault.
Economic force
Being a homeowner also has a positive local and national economic impact. That is because homeownership creates jobs through remodeling, landscaping, lawn service, furniture and appliances, home improvement and real estate services. "When a home is sold in the United States, the income generated from real estate-related industries is over $20,000 and additional expenditures on consumer items is about $4,500— a boom to the economy," said Nault.
Brings families together
Along with being more involved in their communities, homeowners are often active and connected to their own families. Family dinners and game nights at home could mean a more-connected, happier family.
"Home is where people make memories and feel comfortable and secure. Anyone who is able and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream and enjoy the many benefits that come along with it," said Nault.
The housing boom is expected to continue into 2022, with more inventory anticipated in the 2nd half of 2021.