They call it the American Dream, but is homeownership really all it’s cracked up to be? While it does come with more responsibility (hello, lawncare!), it also comes with a lot of benefits that can improve your quality of life and the lives of those around you.
In celebration of National Homeownership Month, let’s explore some of these benefits and take a look at some interesting facts about the state of homeownership in our country.
While homeownership dipped following the Great Recession, it has slowly begun to climb back up.
Did you know? You don't need a 20% down payment to buy a home. Low- and no-down payment assistance programs are available to help qualified buyers purchase a home without having to wait years to save up!
Today's housing market is in great shape. Not only are interest rates at historic lows, but housing is becoming increasingly affordable as more inventory comes on the market . What's more, unemployment remains low, while wage and job growth are still relatively strong. If you want to start reaping the benefits of homeownership for yourself, now is a great time to take the leap
Sources:
[1] National Association of Realtors® (NAR), "Social Benefits of Homeownership and Stable Housing," Dec. 2016.
[2] U.S. Department of Housing and Urban Development, 2018.
[3] Federal Reserve Bank of New York, "Effects of Homeownership on Children: The Role of Neighborhood Characteristics and Family Income." Economic Policy Review, 2003.
[4] National Association of Home Builders®, "Housing's Contribution to Gross Domestic Product (GDP)."
[5 ] U.S. Census Bureau and U.S. Dept. of Commerce, Quarterly Residential Vacancies & Homeownership, Q4 2018.
[6] NAR, 2018 Profile of Home Buyers and Sellers.
[7] Ellie Mae®, Origination Insight Report, January 2019.
