Homeownership plays an important role in our families, our communities, and our economies. And while not everyone will have the ability or desire to own a home, the following homeownership stats make the argument that buying may just be better for all of us.
The American Dream Regardless of whether you rent or own, nearly everyone agrees that homeownership remains the cornerstone of the American Dream. In fact, 91% of Americans (comprised of both homeowners and renters) believe that owning a home is either “essential” or “important” to achieving “the Dream.”
Beyond the Financial BenefitsOwning a home provides a sense of stability, both financially and emotionally. Historically, homeownership has boosted a household’s wealth through equity and appreciation over time. As a result, on average, a homeowner’s net worth is 44x greater than that of a renter. Homeownership also provides “the power of attachment,” which lends to a strong sense of belonging and increased civic pride.
Your Home, Our Community Similar to the financial and emotional stability provided to the individual through owning a home, ownership also plays a vital role in helping to build strong, stable communities. The taxes generated from the purchase of real estate support community services, as well as to help to build stronger schools with higher test scores. Individuals who own a home have a personal and financial stake in the community, which oftentimes leads to better maintained homes, increased volunteerism, civic participation, and reduced crime.
A National Economic Force Finally, homeownership directly impacts the overall economy of the United States. The housing market is a driving force of the economy, from small hometowns to the national stage. Industries such as construction, manufacturing, transportation, finance, and real estate all lend to the fact that the housing market as a whole accounts for 12.3% of the GDP. The multiplier effect of job creation from the housing market benefits businesses, American families and the nation’s overall fiscal health. For every two homes sold, one job is created; for every new home built, 2.97 jobs are created, and every home purchase generates as much as $60,000 in economic activity over time.
These home ownership stats show that buying a home is not a one-time investment for the individual, but rather a long-term economic generator for all of us. If you are ready to take the next step to becoming a homeowner, contact a sales associate today.
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