A great reminder of the benefits of homeownership that we don’t always consider. From the National Association of REALTORS®.
- Home owners are happier and healthier and enjoy a greater feeling of control over their lives.
- Owning a home is one of the best ways to build long-term wealth. Historically, a home owner’s net worth has ranged from 31 to 46 times that of a renter.
- Home owners are free to redecorate, renovate, and modify their homes as they wish.
- Most home owners enjoy stable housing costs—a fixed-rate mortgage payment might not change for 15 to 30 years while rent typically increases 3% a year.
- Home owners can typically deduct mortgage interest and property taxes on their federal individual income tax return.
- People who own homes vote more, volunteer more and contribute moreto their neighborhoods.
- Home owners do not move as frequently as renters, providing more neighborhood stability. In turn, this stability helps reduce crime and supports neighborhood upkeep.
- Children of home owners do better in school, stay in school longer, are more likely to participate in organized activities and spend less time in front of the television.
- 67% of American households are owner-occupied. America is a nation of home owners.
- Home owners pay 80 to 90% of federal individual income taxes, contributing to federal programs that benefit all Americans.
- Every home purchased pumps $60,000 into the economy for furniture, home improvements and related items.
- Housing accounts for more than 15% of the national Gross Domestic Product, a key driver of our national economy.
For these reasons and more, home ownership is the American Dream!
As REALTORS®, we know all this. But not everyone does. So spread the word: Home Ownership Matters!