Why Own Your Own Home
The majority of articles advocating home ownership center around financial benefits—fixed monthly expenses, tax benefits, accruing equity, etc.—and indeed these incentives do propel many people to purchase a home. According to two recent polls (Gallop and the Allstate / National Journal survey), however, other more intangible factors also motivate the purchase of a piece of real estate.
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ense of community: As a homeowner, you’ll be centered in a strong community of like-minded people, which can be a valuable asset for you and your family. Homeownership brings a sense of pride in both your home and your community. Various studies suggest that a higher homeownership rate brings lower crime rates, higher property values, better educated children, and ultimately closer communities. Investing in a home may also mean investing in your family and your community by getting involved. Once you own a home, you feel more attached to the area in which you live. You're more interested in what happens in your neighborhood, to the roads, schools, and shopping areas.
- Renewed belief in the American Dream: Although confidence in that dream has faltered in recent years, the desire to own a home is rebounding, especially among younger buyers and members of diverse ethnic groups. Pride and family stability are important factors in today’s dream. Your house is the physical manifestation of your years of hard work and financial responsibility. And nothing says “success story” like owning your very own piece of the American dream.
- Higher academic achievement of children: Consistent findings show that homeownership does have a significant positive impact on educational achievement. Some studies find that homeownership brings residential stability, and it is this stability that raises educational attainment. Another asserts that while homeownership raises educational outcomes for children, neighborhood stability further enhances the positive outcome. Additional research has shown that there is an increased chance of success in many areas for the children of homeowners,
- Freedom to “do your own thing.” If you own your house, the home improvement store is your oyster! You can paint, remodel, remove, or restyle just about anything in your home to meet your individual needs and/or reflect your tastes and personality.
Owning a home is certainly a wise investment—in so many ways!
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More money has been lost to indecision than was ever lost to making the wrong decision. The economy and the housing market have caused some people to take a “wait and see” position that could cost them in lost opportunities as well as almost certain higher costs in the future.
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Freddie Mac chief economist, Frank Nothaft, says that affordability, stability and flexibility are the three reasons homebuyers overwhelmingly choose a 30 year term. However, for those who can afford a higher payment, there are three additional reasons to choose a 15 year term: save interest, build equity and retire the debt sooner.
