National Homeownership Month has been around as early as 2002 when President George W. Bush issued a proclamation to honor it during the month of June. In addition to home ownership being the cornerstone of the American Dream, President Bush also noted that “home is an important financial investment, and it can be a source of great personal pride and an important part of community stability.”
While there are a multitude of ways that homeownership positively affects our daily lives, here are just a few ways why homeownership matters and why it should be celebrated!
Achieving Your Dreams
Since the founding of the United States of America, our founding fathers shared the belief that home ownership provided security and the pursuit of happiness for a country’s citizens. These ideas are valid still today as home ownership gives families both emotional and financial stability. Additionally, owning a home also appreciates over time while boosting homeowner equity which boosts household wealth.
Impacting Our Communities
Homeownership plays a vital role in helping to build strong, stable communities. In fact, research shows the many social benefits provided by home ownership, including increased volunteerism, improved health, and less crime. Homeownership also boosts a community’s treasury through property taxes which supports infrastructure projects like roads, sewer systems, education, and other community programs.
Bolstering Our Economy
The housing market is one of the driving forces in the US economy, benefiting the financial health of the country with goods and services that depend on the housing market. In fact, in 2017 the Bureau of Economic Analysis estimated that housing accounted for approximately 12.3% of our gross domestic product (GDP). This makes a lot of sense when you consider how homeownership impacts both the construction and manufacturing industries. In the bigger picture, however, homeowners also tend to buy more goods and use more services in their communities which further benefits the economy.
It’s easy to see how home ownership truly matters. From providing social stability to fueling our economy, homeownership is vital to our personal and national success. Are you ready to become a homeowner? Contact one of our loan officers today to get started!