Over the past 11 months, our homes have become more important than ever. They’re much more than just a place to live.  Many of us work out of our homes, some of us are now teaching our children, and some of us are supervising virtual schools. On top of everything else, our homes are where we feel the safest. Today, 65.8% of Americans are fortunate enough to call their homes their own.

For those who are not homeowners, it’s an excellent time to look at the benefits of home ownership and perhaps make that a goal for 2021. Below are some highlights and quotes on the benefits of homeownership shared by the National Association of Realtors (NAR). There are many reasons to own a home and some of the benefits are listed below.

Non-Financial Benefits

Owning a home brings a sense of happiness, satisfaction, and pride.

• Pride of Ownership: It feels good to have a place that’s truly your own, especially since you can customize it to your liking. 
• Civic Participation: Homeownership creates stability, a sense of community, and increases civic engagement. It’s a way to add to the strength of your local area and drive value into your neighborhood.  

Financial Benefits

Buying a home is also an investment in your financial future.

• Net Worth: Homeownership builds your net worth. Today, the median household net worth of all homeowners is $254,900, while the median net worth of renters is only $6,270.
• Financial Security: Equity, appreciation, and more predictable monthly housing expenses are huge financial benefits of owning a home. Homeownership is truly the best way to improve your long-term financial position.

Economic Benefits

Homeownership is even a local economic driver.

• Housing-Related Spending: Housing-related expenses accounted for more than one-sixth of the country’s economic activity over the past three decades and even more so this past year. 
• Entrepreneurship: Homeownership forces the owner(s) to save and those savings can provide entrepreneurial opportunities. “Owning a home enables new entrepreneurs to obtain access to credit to start or expand a business and generate new jobs by using their home as collateral for small business loans.”

Bottom Line

The benefits of homeownership go well beyond the basics. Homeownership helps to put one on the path to financial freedom.  Homeowners generally find greater satisfaction and happiness, and tend to make a substantial impact in your community. If owning a home is part of your dream this year, let’s chat so I can point you in the right direction.