75% of Americans Believe in
the Value of Homeownership
Prices may be depressed, but most Americans believe in the value of
homeownership. In a recent survey, provided for the National Association of
Home Builders, "An awe-inspiring 75 percent of homeowners surveyed believe that owning their own home is worth taking the peril of the market fluctuations, while 95 percent of home owners stated they are satisfied with their resolve to buy a home."
There are several good reason homeowners feel this way. Homeownership gives people a wide array of benefits, including several that are on the outside your pocketbook. The number one benefit is stability. In a 2010 study labeled "Social Benefits of Stable Housing," by National Association of Realtors (NAR) states that stable housing and homeownership go hand-in-hand. while homeowners move way less often than renters, and are thus embedded into the community and neighborhood for a much longer time
There are far-reaching affects of this stability. Studies have shown that homeowner's children are more apt to graduate and not as likely to reside in high crime rate areas. Accountability is also passed on to future generations. Homeowner's daughters also have a lower frequency of teen pregnancy.
Number Two. A home purchase generally comprises one of the biggest financial obligations most households will ever do. Therefore homeowners, have a
tendency to minimize adverse behavior from their children and their neighbors children that can have a negative impact on neighborhood home values. Second, homeowners assume greater responsibilities like home maintenance and attaining the financial skills necessary to handle their monthly mortgage payment. These life management competence may filter down to their children.
Homeownership even has an effect our health. The same NAR study discovered that homeowners show greater physical health levels, even after the analysis was adjusted for socioeconomic and age aspects. "In addition to having more satisfaction with their very own personal circumstances than renters," the study goes on to say, "homeowners also benefit from better psychological and physical health."
Owning your home provides you with stability. Over time, if a homeowner purchases within their financial means, even mortgages with the longest time frames eventually are paid off. Making the home you live in one of your largest retirement assets.
People overwhelmingly believe that owning their own home is foundation to the Great American Dream, It's a foundation to your personal retirement, and it's a foundation to your economic welfare
Pure and simple, homeownership is well worth the risk,. "Even though market prices are down, people who do not own want to purchase a house. Almost three-fourths of those who currently do not own their home, 73 percent, stated that owning their home is among their aspirations. And among those younger voters that are more probable to be shopping for real estate within the next several years, those percentages are even stronger."
These are the very reasons that 80 percent of homeowners would strongly recommend owning a home to those people they know. If you are in the home buying market, maybe the time is here for you to listen to their advice! Historically low rates of interest and high affordability rates make the present a great time for buying.