As we set goals for the rest of 2021, it is important to look at the benefits of owning a home. Homeownership has the potential to give you benefits beyond your financial investment, such as economic and social impacts on the local community. Our homes have turned into an integral part of our lives more than ever before. Our homes have turned into our workplaces, schools, and safe havens in the time of a global health crisis.
Non-Financial Benefits:
- Purchasing a home brings a strong sense of pride of ownership. Having a space to truly call your own brings sensations of happiness and satisfaction. You also have the opportunity to customize your home to your own liking.
- Homeownership also has the potential to create stability for you and your family. Purchasing a home also provides you with a sense of community and increases your civic engagement. This ensures driving value into your neighborhood and strengthens your local area.
Financial Benefits:
- Buying a home is an investment in yourself and also provides support for your financial future. Homeownership helps to build and grow your net worth. The median household net of homeowners is $254,900 while the medium net worth of renters is estimated to be only $6,270.
- Homeownership is a great way to improve your long-term financial success. Buying a home helps to build your equity while also appreciating as you live in it.
Economic Benefits:
- Homeownership is a huge local economic driver. Housing related expenses account for ⅙ of the country’s economic activity over the last couple decades.
- Homeownership is also a form of forced savings that can provide future opportunities. Owning a home enables new entrepreneurs to grant access to credit or expand a business.
Bottom Line:
Homeownership is a way to ensure financial freedom, to establish greater satisfaction, and to allow you to make a difference in your local community. Connect with a Seven Gables Advisor today to make your dream of owning a home, a reality!
