Buying a home is the ultimate dream to all Americans. It’s a key life achievement for someone to own a home according to the 2022 Consumer Insights Report who polled a majority of people. The question is why do many Americans view having a home as a key achievement to their lives?

Financial Benefits of Owning a Home

Owning a home is viewed highly because it is a significant wealth-building tool, and provides financial stability. It provides financial stability because you are paying towards an end in mortgage over the duration of a period of time rather than renting, where your money would go nowhere. When you rent, you also do not have ownership over the property, whereas living in a house you do. An article from Forbes explains:

When you own a home, you are also able to pass down that wealth, helping future generations for success. You increase your net worth as well. The Mynd report states:

“Most Americans (78%) still associate homeownership with the ‘American dream.’ And nearly two-thirds of Americans (65%) see homeownership as a means of building intergenerational wealth.”

Non-Financial Benefits of Homeownership

Once you become a homeowner, it benefits you emotionally and socially. Chief Economist, Mark Fleming for First American, explained:

“. . . buying a home is not just a financial decision. It’s also a lifestyle decision.”

Your home provides a statement of achievement, responsibility, and more.

Some of the key benefits homeowners enjoy that are a few non-financial advantages include:

• Helps with community engagement

• Provides you with freedom and control over your living space

• Gives you more pride to enjoy

What Does That Mean For You?

If your dream is to have more freedom and prosperity, then homeownership can play a major role in helping you achieve that dream. Once the time is right for you, we highly encourgage you to buy a home even with home prices and mortgage rates rising. There are many outstanding benefits waiting for you at the end of your homebuying journey! You will have a place you can call your own and grow your wealth!

Conclusion

Homeownership is a huge dream for many Americans and a long-term dream for many! It is a powerful decision to make but you are in more control than if you rented a property. If you think homeownership is right for you, contact me today and I’ll be more than happy to help you out! (310) 519 - 7670