June is National Homeownership Month in the U.S. which provides us a potent reminder that many people and families have built their wealth through homeownership.
Home is more than simply the house, more than the “sticks and bricks.” For many people, it’s now become their workplace, their children’s school, and a safe harbor against the pandemic. 65.6% of Americans own their homes, the highest rate in the past eight years. A recent Gallup survey ranked real estate as the best investment a person can make. In addition to the financial upside, there are also non-financial benefits. The financial benefits should not be overlooked though, as long as the homeowners can keep on top of their mortgage payments and upkeep.
Benefits of Owning
1. Civic Participation: Owning a home is owning a part of your neighborhood. Homeowners have a stronger connection to their neighborhoods and are more committed to volunteer work and other ways to be involved.
2. Pride of Ownership: Owning a home means having a space that is uniquely yours. You can customize it to your liking and make it reflect your personality and values.
3. A Safe Space: Owning a home gives you a sense of security and privacy – two things that have become even more valuable as we’ve tackled the challenges of the recent health crisis.
4. Forced Savings: Owning a home builds equity. Your equity grows with each payment you make toward your mortgage. This form of forced savings can be used down the road to help you accomplish your most significant financial goals.
5. Appreciation: Owning a home is making an investment that steadily gains value, and experts project home values will continue to rise in the years to come.
6. Stability: Owning a home means having better control over your future housing payments. Over the years, a mortgage stays relatively steady, but rent costs continue to rise.
Kentwood Real Estate Can Help
Whether you’re moving up, down, from a rental into your first home, or looking to purchase an investment property, our team of professional real estate brokers from Denver to Fort Collins can help you. Search for your home at www.kentwood.com and look for your Prosperity Home Mortgage broker. We believe so strongly in homeownership that we’re in the business!