Here's Why Homeowners are Celebrating National Homeownership Month

June is National Homeownership Month and we are here to share several great reasons homeowners are celebrating! During the pandemic, our homes became more than just somewhere we live. 

They became a place where we set up our office, our children attended school, and a safe place to stay during lockdown. As of April of this year, homeownership has risen to its highest point in America in over 8 years: 65.6%! 

Gallup recently released a survey that ranks real estate as the best investment you can make for the eighth year in a row. All investments are purely financial, except for owning a home. Below we have listed the top benefits of owning a home:

Non-Financial Benefits of Homeownership: 

1. Civic Participation: When you own a home, you become part of the neighborhood. Homeowners are more connected to volunteer work in their community than renters.
2. Pride of Ownership: Owning your home means the space is all yours and you can personalize it to your liking! With renting there are normally limitations on what you can change.
3. Safe Space: Homeownership also gives you a better sense of privacy and security. You don’t have to worry about your landlord coming in at any given moment. 

Financial Benefits of Homeownership: 

1. Stability: Being a homeowner allows you to have control over your upcoming housing payments. The cost of rent may trend upward, but a mortgage will likely stay close to the same over the years (with the exception of ARM’s).
2. Forced Savings: When you own a home, you build equity. Every payment that is put towards your mortgage will help your equity grow. Homeowners can use this “forced savings” down the road to accomplish other financial goals. 
3. Appreciation: Being a homeowner is a great investment. Your home will also steadily gain value over time. Additionally, the experts predict the upward trend on home price appreciation will continue to rise in the coming years.