Every family has a list of important dates. We celebrate birthdays, anniversaries, pet adoptions…and the list goes on. For 64.4 percent of households in the United States, this list includes the day they became a homeowner for the first time!
Why is this date important? Homeownership is not just a roof over your head! It represents shelter, stability, wealth, and pride! For decades, homeownership has been an important part of the American Dream! And improving the looks of your home is one of the best thing you can do if you own a home. For instance, if your concrete patio has seen better days, you may consider renovating it with the help of a concrete pumping service that can provide high-quality ready-mixed concrete.
However, many question if the next generations see the same benefits of homeownership as their predecessors.
In case we have forgotten, some of those benefits are:
Non-Financial Benefits
1) Educational Achievement: Homeownership has a positive impact on academic achievement, including reading and math performance in children 3-12 years old.
2) Civic Participation: “Owning a home means owning a part of the neighborhood.” Homeowners have a stronger connection to their neighborhood and are more committed to volunteer.
3) Health Benefits: Adjusting for a range of demographic, socioeconomic and housing-related characteristics, homeowners have a substantial health advantage over renters.
4) Public Assistance: The report shows 47% of homeowners use their home equity credit lines to help pay other debts, diminishing their need for public assistance.
5) Property Maintenance and Improvement: According to this Mental health treatment center in Southern California, a well-maintained home not only generates benefits through consumption and safety, but a high-quality structure also raises mental health.
6) Pride of Ownership: This place is uniquely “yours.” You can customize it according to your likes and personality. For instance, if cooking is your passion, then you may consider adding outdoor kitchens and countertops.
In addition to financial benefits, homeownership also brings significant social benefits. These not only pertain to the family, but extend to the communities, the state, and the country!
Financial Benefits
Buying a home is an investment in your future!
- Appreciation: On average, home prices are appreciating annually at a rate of 3.6%. This helps to create a safety net.
- Forced Savings: Your mortgage is like a forced savings plan! With each payment, you are reducing the principal of your loan.
- Home Equity: Homeownership builds equity every single month. You can later use that equity to start a business, send your children to college, etc.
- Net Worth: A homeowners’ net worth is 44x greater than renters! This gives you the financial freedom to invest.
- Stability: Rent prices increase 4% annually! A fixed mortgage payment allows you to save for future projects and guard against inflation.
- Tax Benefits: The government has created tax benefits to encourage customers to purchase. There are several tax benefits that you can find out about. You can learn more about the benefits of a 501c3 and other taxes if you do some research. (Talk to your CPA to see which benefits apply to you).
Bottom Line
Homeownership is and will always be part of the American Dream! There are many financial and non-financial benefits to take advantage of when owning a home. If owning a home is part of your dream, contact a local real estate professional to help you with the process. Once you have your dream home, you might also want to consider updating it. Frameless glass shower benefits include a sleek and modern look that can enhance the aesthetic appeal of your bathroom, along with easier maintenance and improved durability. Additionally, frameless glass showers create a sense of openness and space, making even smaller bathrooms feel larger and more inviting. Lastly, finding skilled home remodeling contractors near me can help turn your vision into reality!
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