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What are the Benefits of Becoming a Homeowner?

3/13/2019

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What are the Benefits of Becoming a Homeowner?

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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!

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: 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.

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!
  1. Appreciation: On average, home prices are appreciating annually at a rate of 3.6%. This helps to create a safety net.
  2. Forced Savings: Your mortgage is like a forced savings plan! With each payment, you are reducing the principal of your loan.
  3. Home Equity: Homeownership builds equity every single month. You can later use that equity to start a business, send your children to college, etc.
  4. Net Worth: A homeowners’ net worth is 44x greater than renters! This gives you the financial freedom to invest.
  5. Stability: Rent prices increase 4% annually! A fixed mortgage payment allows you to save for future projects and guard against inflation.
  6. Tax Benefits: The government has created tax benefits to encourage customers to purchase. (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!​

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  • Home
  • Home Buyers Resources
    • Coming Soon
    • Search For Maryland Home
    • Maryland First Buyers
    • Own Your 1st Home
    • Renters Should Know
    • Smooth Home Purchase
    • Reasons To Own Your Home
    • Central Maryland Distressed
    • How Much Loan
    • Tips To Help You Negoiate Your Best Home Price!
    • Buyers Extra Costs
    • Maryland Nurses Programs
    • Maryland Teachers Programs
    • Maryland Veterans Programs
    • Lenders Secrets
    • Find Your Central Maryland Home
  • Home Seller Resources
    • Your Maryland Home Sold Guaranteed!
    • Real Estate Office Mount Airy
    • Maryland Home Value
    • Maryland Sell Fast
    • Before Selling Your Home
    • Preparing Your Home For Sale
    • Central MD Help
    • Fast Sale Maryland
    • Maryland Divorce Mistakes
    • Maryland Empty Nesters
    • Maryland Expired Homes
    • Quick Sale Maryland
    • Your FREE FSBO
  • MDREPros Hot Homes
    • 23211 Observation Dr
    • 6055 Moore Dr.
    • 224 Greenland Beach
    • 10221 Capitol View
    • 10894 Martingale
    • 116 Wilgate Dr.
    • 10104 Little Pond
    • 24221 Newbury
    • Woodville Property
    • 21680 Leitersburg Pike
    • SOLD Homes! >
      • 13617 Donnybrook
      • 16116 Laurel Ridge Dr
      • 4401 Robmar Dr
      • 6502 E New London RD
      • 3524 Petersville
      • 2213 Sandalwood Dr.
      • 17 York
  • Central Maryland First
    • Mount Airy Homes
    • New Market Homes
    • Ijamsville Homes
    • Germantown Homes
    • Frederick Homes
    • Sykesville Homes
    • Westminster Homes
    • Baltimore Homes
    • The Meadow At New Market
  • MDREPros Extras
    • FREE Monthly Newsletter
    • MDREPros Blog
    • Dan Flavin This Week
    • Funday Monday
    • Pest Inspections
    • House Warming
    • Letters From The Heart
    • Top 10 Things
  • Testimonals
  • About
    • Legal
    • Privacy