June is National Homeownership Month. Often considered a core pillar of the American dream – homeownership represents financial stability, the ability to call a place home and a sense of belonging in the community. Over the next few weeks, I’ll dive into the importance of homeownership, statistics surrounding the topic and ways to gain entry into the market.
Is Homeownership For Everyone?
Like everything in life, there are no absolutes. So no – homeownership is not for everyone. However, when you look at the average needs of most people, the reality of buying a house offers more benefits than negatives. Topics like long-term equity generation, financial security and tax benefits top these lists. The National Association of REALTORS® reports here that 65.5% of Americans owned their own homes in 2021.
I Can’t Afford to Buy a House
Are you sure? Have you spoken with a lender? What leads you believe this is the case? So often, first time home buyers believe they can’t make the jump because a 20% down payment is required. There are countless options that should be considered – from first-time buyer programs, Hometown Heroes Program, VA loans and FHA loans. Many have specific requirements and a seasoned lender will be able to look at your profile (income, savings, debt load, etc) and help find a program tailored to your unique scenario. If homeownership is currently out of reach – most lenders excel at giving you a roadmap to homeownership.
Why Buy When I Can Rent?
Newsflash – if you’re renting – you’re likely paying a mortgage – just not your own. Depending on where you rent, you also may not have a ton of protections. In Florida – there is no rent control which means on renewal, you could be in for sticker shock. You often lack the ability to make changes to your space or fully enjoy the place you call home. So while renting certainly has a place in the real estate world – oftentimes purchasing makes better fiscal sense.
I Already Own – So Why Does June Being National Homeownership Month Matter?
Fair question and one to which I would ask – are you making the most of your investment? Getting the most out of your property? Have you lived in your house for a long time? If so – you might have more equity than you think. If you have called your current residence home for 10+ years, I would offer that it’s time to request a comparative market analysis (CMA). Just like you know how much money you have in the bank or invested, it is wise to know the value of one of your top assets. Additionally, there may be other thoughts on the subject you simply haven’t given thought to.
June is National Homeownership Month
Let’s use this as a time to think through and explore the topic. What works, what does not, why homeownership or even why not. My hope is that by looking at statistics and figures, sharing knowledge of the topic and helping explain things in detail, that you can feel confident to pursue this path. Whether you own a home or are considering buying having information on the topic can help validate the thought process.
If you are interested in buying or would like to talk about a CMA, please feel free to reach out here. I welcome the opportunity to answer any questions or work with you!