These are just some of the positive changes that may come with homeownership:
1. Personal pride.
It’s that feeling you get when you finally have a place to call your own, one that you officially own and that you can customize to your liking. Occupying your own space can give you a sense of ownership. Pride and personal satisfaction are likely to follow.
2. Community pride.
As you put down roots and begin to forge long-term connections, personal pride can also extend to your community. This supports neighborhood stability. According to the National Association of REALTORS® (NAR): “Living in one place for a longer amount of time creates an obvious sense of community pride, which may lead to more investment in said community.”*
3. Life purpose.
Committing to one place (as opposed to endlessly scrolling listings) could help deepen your sense of purpose. While renters can still put down roots and have meaningful community relationships, committing to homeownership might help you let go of the “bigger, better” comparison game, renewing your purpose as you focus on your home, family, and local area.
4. Civic engagement.
Compared to renters in similar neighborhoods, homeowners typically vote more often in local elections. Homeowners also have a 1.3-times higher likelihood of joining neighborhood groups or civic associations. This might have to do with the fact that homeowners may live in their homes for longer and have a greater financial investment in their neighborhood.
As mentioned, once you become a homeowner, you have total control of what you do within the four walls of your house and inside your property line. You now have full creative control to customize your home any way you’d like. Repaint the walls or knock a few down, put up funky wallpaper, install a water feature in your yard, break ground for a pool, or upgrade your kitchen—all without asking your landlord.
6. Feelings of success.
Many homeowners attribute owning a house to helping them feel stable, secure, or successful. It may come as no surprise, then, that homeowners feel a strong connection to their dwelling. “Over half of American homeowners (58 percent) are emotionally attached to their home—so much so, that many of them say selling their home would break their heart,” Unison’s State of the American Homeowner report notes.**
How can we help make your dreams of homeownership come true? Contact us for an answer.
The need for personal security has never been more important after weathering a pandemic. This is why many renters have moved toward homeownership to have a stable living space. Likely due to the stability and emotional benefits that come with homeownership, 93 percent of current homeowners in the U.S. say that they’d recommend buying a house.**
8. Mental health.
As you can imagine, a potential boost in pride, security, and purpose is bound to influence your mental wellness. “It has long been thought that buying a home contributes to a sense of accomplishment. Still, most individuals fail to realize that homeownership can benefit your mental health and the community around you,” JD Esajian, CT Homes President, says.
9. Physical health.
Housing is a key social determinant of health, a connection that became even more relevant throughout the pandemic. Evidence shows that having access to secure, affordable housing can decrease healthcare expenses and improve health outcomes. At Academy Mortgage, we believe homeownership is for everyone: Reach out to a local Academy Loan Officer to learn more about your affordable mortgage options.
10. Stress relief.
While it may seem daunting to sign on the dotted line and commit to a mortgage, taking the plunge has its advantages. You’ll no longer have to worry about increasingly common rent hikes, for starters. Having a predictable monthly mortgage payment can bring peace of mind and help you to plan financially for your future.
11. Family togetherness.
The stability of homeownership also helps support a family’s foundation, relieving stress and allowing for more quality time. Additionally, investing in a home and paying a mortgage gives parents the chance to pass financial life skills down to their children. “The ability for parents to feel stable has a huge impact on children’s behavioral issues, educational success, and future economic success,” the NAR finds.*
12. Entrepreneurial opportunities.
While this benefit is finance-adjacent, it speaks more to homeownership’s ability to support future goals by functioning as a forced savings plan. It’s also possible to use your home as collateral to obtain a small business loan, enabling you to grow or start a business. This is just one example of how homeownership helps the economy—via job creation.