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Benefits & Importance of Homeownership

Did you know that homeownership is good for families, neighborhoods and the economy?

For families, homeownership helps build assets. Buying a home can be like opening up a savings account, each month families gain home equity by paying off a portion of their mortgages.

Homeownership raises self-esteem and confidence and creates a positive and stable environment for raising a family.

Surveys show that homeownership has a substantial benefit to children. Children are more likely to stay in school, score better on academic tests, have fewer behavior problems, and most importantly are more likely to buy their own homes.

Let’s talk about homeownership and neighborhoods.

Homeownership gives families a financial stake in a home and the community because of that it helps to revitalize and improve neighborhoods. Homeowners take better care of their properties. A neighborhood with high homeownership is a more desirable place to live.

How does homeownership benefit the economy?

Homeownership is a powerful economic stimulus. The benefits are overwhelming. Home equity can be used to make home repairs or additions, to fund college education, or to start a new business. Studies show that homeowners are almost three times s likely to own a business as renters. Homeownership and the housing industry help stimulate the national economy through direct spending on housing, taxation, and consumer spending by homeowners. Examples are endless; the spending would include items such as furniture, appliances, flooring, equipment, landscaping and list continue.

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