Becoming a homeowner is a big deal and a key part of the American Dream. It's not just about having a place to live - it's about feeling like you belong, having stability, and enjoying the freedom that comes with owning your own home. As Nicole Bachaud, Senior Economist at Zillow puts it: ...

““The American Dream is still owning a home. There’s a lot of pent-up demand for ownership; that isn’t going to go away.””

— Nicole Bachaud, Senior Economist at Zillow

Hey, want to chat about why so many Americans think owning a home is important?

The Financial Benefits of Owning a Home

You know, one big reason why people think owning a home is so important is because it's a great way to build wealth. Jessica Lautz, who's a top researcher at the National Association of Realtors, mentioned this too. She thinks that's a key factor in why homeownership is so valued.

““Homeownership is the number one way to build wealth in America.””

— Jessica Lautz, Deputy Chief and VP of Research at the National Association of Realtors (NAR)

Owning a home can really help grow your wealth and provide a solid foundation for your kids and grandkids. As Habitat for Humanity puts it, it's not just about benefiting yourself, but also about setting up your future generations for success by passing down that wealth.

““Overall, homeownership promotes wealth building by acting as a forced savings mechanism and through home value appreciation. Homeowners make monthly payments that increase their equity in their homes by paying down the principal balance of their mortgage. . . . In addition, owning a home promotes intergenerational homeownership and wealth building. Children of homeowners transition to homeownership earlier — lengthening the period over which they can accumulate wealth . . .””

— Habitat for Humanity

You know, owning a home can really give you some solid financial stability compared to renting. I mean, if you buy with a fixed-rate mortgage, you can lock in your monthly housing payments for the whole time you have the loan. That means no surprises, just steady and predictable payments.

The Non-Financial Benefits of Homeownership

You know, owning a home is not just about the money. It also brings you social and emotional rewards. Your home can make you feel accomplished, responsible, and so much more. In a recent survey, Fannie Mae highlighted some of these emotional benefits, showing that homeownership goes beyond just financial gain.

““The top three were having control over what you do with your living space (94%) to having a sense of privacy and security (91%) and having a good place for your family or to raise your children (90%) . . .””

— Fannie Mae

What Does That Mean for You?

If you're thinking about achieving the American Dream with more freedom, security, and prosperity, owning a home could be a big part of making that happen. Plus, with mortgage rates currently going down, now might be a great time for you to think about taking the next step.

Absolutely! When you're prepared and capable of purchasing a home, amazing advantages await you. You're not just getting a place to live, but also a space to build wealth and truly call your own. As Ksenia Potapov, Economist at First American, puts it:...

““...homeownership remains an important driver of wealth accumulation and the largest source of total wealth among most households.””

— Ksenia Potapov, Economist at First American

Bottom Line

If owning a home is a goal you're aiming for this year, I'd love to chat and kickstart the process with you. Let's connect soon and get the ball rolling on making your dream a reality.