Tomorrow, across the country, friends and families will gather to celebrate Thanksgiving. Yes, I will be enjoying all of the food, football and shopping the holiday brings, but most importantly I will be giving thanks. And as a homeowner I particularly have a lot to be thankful for:
- By owning a home I am building long-term wealth. Historically, a home owner’s net worth has ranged from 31 to 46 times that of a renter.
- I am free to redecorate, renovate, and modify my home as wish. In fact after six weeks undergoing a kitchen remodel I am looking forward to preparing many home-cooked meals!
- My housing costs are stable whereas a renters will typically increase three percent a year. I can also deduct my mortgage interest and property taxes on my federal income tax return.
Studies also show that homeownership has a significant positive impact on net worth, educational achievement, civic participation, health and overall quality of life. Consider this:
- People who own homes vote more, volunteer more and contribute more to their neighborhoods.
- Every home purchased pumps $60,000 into the economy for furniture, home improvements and related items.
- Housing accounts for more than 15 percent of the national Gross Domestic Product, a key driver of our national economy.
It is for these reasons and more that I am thankful to be a homeowner and live the American Dream! Find out more about why Homeownership Matters, how REALTORS® are standing up for it, and how you can help spread the word, at www.realtor.org/homeownership.
