The Benefits of Homeownership

Published on June 5, 2020
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The word “home” carries more weight than most words we speak or hear. To some, the word brings about a sense of community and family, while to others it’s a sense of independence and freedom from social interaction. To all, having a home is something we strive for, and desire, in our lives.

More than ever, people can appreciate the importance of their homes in a time where they are now our schools, offices, restaurants, movie theatres, and protection from the health crisis existing in the world.  

June is National Homeownership Month which is an excellent opportunity to understand, educate, and celebrate the importance and benefits of owning a home. These can range from emotional to financial to economic advantages. 

Emotionally, being able to pride yourself as a homeowner is a huge deal! To most, this is a feeling of success, hard work, and individuality. A lot of personal satisfaction comes with homeownership which has the power to increase psychological health and happiness. When you own a home, a sense of personalization and responsibility to upkeep your property can lead to driving the value of the neighborhood upwards, and ultimately contributes to the community around you. 

Financially, with home ownership comes an improvement of your long term net worth. There is a sense of financial security with the foreseeable monthly finances. Once a routine and rhythm gets established with the costs involved with home owning, the payments are predictable and allow your family’s net worth to build. 

Economically, home ownership helps with the growth of spending and entrepreneurship. Owning a home is not cheap, and this boosts our economy in a positive direction. Due to the expenses, homeowners often find creative ways to save and/or make money which gives growth to the entrepreneurial aspect of our economy. 

Overall, taking the word “home” and owning one for yourself unlocks a lifetime of benefits for you, and those around you. Homeownership is a wonderful way to culminate your success into a way that benefits you emotionally, financially, and the economy. Use the month of June to appreciate these benefits to either celebrate your current home, or as motivation to work towards becoming a homeowner in your future!