Home: whether it’s a studio apartment or a 6000-square-foot mansion, it’s the place that you feel most comfortable. It’s the place where you are surrounded by the things, people, and pets you love. And while it might not seem like there is much of a difference between paying a landlord or paying a mortgage, there are big benefits to making the leap to owning your own home. Let’s take a look at some of the most compelling reasons to consider homeownership.
You Can Make it Your Own
Want to change the paint color on the walls? Renovate the bathroom? Add a garden? Whatever changes you want to make to your home, you have the freedom when you own it.
As it turns out, this freedom to make improvements to your home can bring more joy to your life. The 2022 Remodeling Impact report from the National Association of Realtors (NAR) measures with a “joy score” how much happiness specific changes to your home can bring. According to NAR, “There were numerous interior projects that received a perfect Joy Score of 10: paint entire interior of home, paint one room of home, add a new home office, hardwood flooring re-finish, new wood flooring, closet renovation, insulation upgrade, and attic conversion to a living area.”
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The Opportunity to Build Wealth
“Owning a home continues to be a proven method for building long-term wealth,” said Lawrence Yun, the chief economist for the National Association of REALTORS (NAR). NAR found that during the 10 years between 2010 and 2020, total housing income wealth for 980,000 middle-income households surged by $2.1 trillion.
The Federal Housing Finance Agency breaks down the changes to home values by region and metropolitan area. You can see these changes by looking at the House Price Index. For example, the House Price Index can tell you that if you had bought a home in January 2020 for 100,000, it would be worth approximately $133,000 in January 2022, which is $33,000 in equity back in your pocket. When you rent, you build equity for the landlord. When you buy, you build equity for yourself.
Also, buying a home is a hedge against inflation, since your payments are locked in. While your property value rises and other goods continue to cost more, your monthly housing payment stays the same and is typically locked in for 15-30 years.
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Planting Roots Increases Stability
In addition to the tangible financial benefits, it’s been proven that homeownership has long-term social benefits to families, communities, and the country as a whole. “Because of these societal benefits, policy makers have promoted homeownership through a number of channels. Homeownership has been an essential element of the American Dream for decades and continues to be so even today,” reports NAR.
Renters are more likely to move frequently, while homeowners tend to be embedded in the community for a longer period of time. This creates an overall stabilizing effect on both individuals and families that results in higher educational accomplishments and lower crime rates.
Homeownership Creates a Sense of Community
From the very beginning, the act of buying a home engages an entire community network of individuals and industries that play a role in the process. Numerous contractors, specialists, lawyers, town and city officials, and so many other professionals are necessary to make the transaction happen. Every individual you work with, including your Sibcy Cline real estate agent, has a team of people involved behind the scenes.
That means when you buy or sell a home, you’re leaving a lasting impression on the community at large. But it goes beyond that—homeowners are more inclined to be active participants in their communities. “Owning a home means owning part of a neighborhood, and a homeowner’s feelings of commitment to the home can arouse feelings of commitment to the neighborhood, which, in turn, can produce interactions with neighbors. Overall, attachment to the neighborhood is stronger for homeowners and longterm renters than for more transient residents,” reports NAR.
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Owning a home continues to be a proven method for building long-term wealth.