Did you know June is recognized as Homeownership Month. Do you remember that feeling when you bought your first home, or are you dreaming of such. There is no doubt homownership offers an array of benefits both tangible and intangible. It that why it called the American Dream!
Below is a quick look at some facts that about the benefits of Homeownership.
• Homeowners bring stability to neighborhoods. Homeowners move far less frequently than non-owners, and hence are embedded into the same neighborhood and community for a longer period.
• The average child of homeowners is significantly more likely to achieve a higher level of education and, thereby, a higher level of earnings.
• While both homeowners and non-owners may aspire to be engaged parents, homeowners likely live in neighborhoods with more opportunities for school involvement or participation in neighborhood activities.
• Homeowners report better physical and psychological health than the average non-owner.
• Homeowners are far less likely to become crime victims than non-owners.
• Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes. Source: National Association of REALTORS®
• The median net worth of homeowners increased 15 percent between 2013 and 2016, whereas that of renters or other non-homeowners fell 5 percent.
• The average homeowner’s net worth is 44 times that of the average renter. Source: The Federal Reserve
• Homeownership is seen as providing more stability and control over one’s living environment.
• Homeowners are thought to be more secure than non-owners since they were not subject to landlords raising the rent or not renewing the lease.
• Fixed-rate mortgages may decrease housing costs over time relative to inflation. Source: Joint Center for Housing Studies at Harvard University
• Purchasing a home can improve your credit score through consistent mortgage payments.
• Additionally, credit bureaus give more weight to mortgage payment history than to credit cards or other more temporary accounts.
• Rental payments may not be reported, so mortgage payments give you an extra account on your credit report. Source: TheMortgageReports.com
As a Realtor, nothing brings us more pleasure then to help someone find and purchase their home. To watch them begin their community and the relationships they establish is amazing to watch. If you are thinking of purchasing your first home, or maybe your in the position where you are looking to move up or downsize, please do not hesitate to contact us at GPS Real Estate Group. Our goal is simple it is you. We focus on your goals and priorities and add our winning strategy to ensure you goals are met!
Kelly has been helping first time buyers, single buyers and sellers for the past 15 years in Orange County. She understands taking the step towards homeownership is a BIG DEAL and she likes nothing more then to help you along that path. Even if you are ready now, if homeownership is one of your goals, don't hesitate to give us a call to review your goals. As they say planning makes perfect!