Homeownership offers immediate benefits and long-term value. Homeowners accumulate wealth for the future while enjoying the benefits of a shelter that they can use, improve and sell. Their home is a haven for investment.
Buying a home should be approached as a good long-term investment, providing both equity accumulation and tax benefits over time.
Homeownership is how many American families begin to accumulate wealth. According to data from the Federal Reserve Board, a homeowner’s net worth is 46 times that of a renter’s.
Homeownership provides shelter and security to families and fosters involvement in community life as well as participation in democratic institutions. Homeownership also provides important social and economic benefits. It is the cornerstone of a healthy community and the basis for positive community involvement.
Homeowners are motivated to stay abreast of local issues to protect their investment. Research reported in the NAR study, Social Benefits of Homeownership and Stable Housing, shows that homeowners are more likely to vote and that they volunteer time for political and charitable causes more frequently than renters.
According to data from the U.S. Census Bureau, owners do not move as frequently as renters, providing more neighborhood stability. In turn, involvement in community quality-of-life issues helps prevent crime, improve childhood education and support neighborhood upkeep.