For many years, Americans have viewed homeownership as the cornerstone of the American Dream. Whether they were born here or immigrated from another country, they all dreamed of owning their own piece of America. With so many prominent societal changes over the last few decades, it is fair to ask if people in America still feel the same way about owning a home. The answer is abundantly clear by looking at these statistics and benefits!
Statistics
The National Association of Realtors or NAR conducted a consumer survey which showed that many homeowners and non-homeowners both strongly consider homeownership part of the American Dream. The report detailed: “For non-owners, roughly 75 percent reported that homeownership is part of their American Dream. For owners, 9 in 10 believe it is part of their American Dream.” This report also noted that 84 percent of non-owners want to own a home in the future which increased from 73 percent.
Benefits
While buying a house comes with a lot of responsibility, it also offers a lot of rewards!
Smart Investment: While home prices move in cycles over the short-term, if you stay in your home for a long time, it could potentially increase in value and give a return on your investment.
Builds Equity: Paying your mortgage is a form of savings, since it increases your home equity which you can tap into if you need money in the future.
Tax Deductions: Your mortgage interest and property tax payments may be deductible from your federal taxes, as well as many state taxes.
Strong Credit History: Consistently making your monthly loan payments on time demonstrates to other lenders that you are a good borrower and the risk of you defaulting on a loan is low. This strong credit history will be helpful in the future when you need other loans for buying a car, making improvements to your home, or paying other major expenses.
Personal Freedom: Homeownership offers tremendous freedom to have the home you always wanted. You can own pets, paint rooms whatever color you like, make changes to floors and carpeting and do all the things that make a house feel like a home.
Feel like owning your piece of the American Dream? Contact one of our experienced loan officers today!
