Reasons why you should own a home.
Benefits of homeownership extend past the short-term excitement of receiving your keys from the REALTOR. Homeownership is an investment and allows for independence. The effects of a steady home environment are even longer-lasting than many know and its effects are widespread. These benefits spread from individual homeowners to society as a whole. What are you waiting for?
Who does homeownership benefit?
Children of homeowners are more likely to graduate from high school and score higher on standardized tests than the children of renters. This in turn results in increased chances of getting into college, better-paying jobs, and overall long-term success.
It doesn’t stop there. There are lower amounts of teenage delinquencies and pregnancies found within a home environment, showing that homeowners tend to pass on knowledge to their children. This comes from active and passive learning as children watch their parents’ behaviors and habits. Responsibilities such as home maintenance and acquiring the financial skills to handle mortgage payments transfer to children as well. If you grew up in a home, you know it can be the happiest and safest place a young person can go. Those feelings are manifested in positive actions and choices as children age.
Did you know home equity is one of the largest sources of collateral for bank loans to start new businesses? Homeowners are almost three times as likely to own a business as renters!
Homeownership acts as an economic stimulus on multiple levels. The homeowner generates equity by making mortgage payments, which can be used down the road for a college fund or opening that new business. Homeowners additionally can take advantage of the government’s largest housing subsidy, the mortgage interest tax deduction.
High rates of homeownership are associated with neighborhood well-being. Homeowners are more likely than their renting counterparts to:
- Be active in community associations.
- Give to charity.
- Feel attached to their neighborhood.
- Help maintain their home and community.
The end result of homeownership are happier and healthier people and now is the time to buy. Mortgage rates are low but steadily rising. Make a move on your dream home today.
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 17,000 members who are active in all aspects of the real estate industry.