Posted by Dawn Griffin
June National Home Ownership Month
June marks National Homeownership Month, a time dedicated to highlighting the benefits of owning a home and the importance of making homeownership more accessible for all Americans.
Every family deserves the chance to enjoy the advantages of homeownership, from creating generational wealth to building cherished memories. The National Association of REALTORS® plays a pivotal role in this journey, guiding consumers through the complexities of homeownership and offering invaluable support during one of life’s most significant financial decisions.
What the National Association of Realtors (NAR) Is Doing To Increase Homeownership Opportunities
Learn about the bipartisan solutions NAR is advocating for to address housing supply and affordability constraints and increase homeownership opportunities in America.
NAR Research on Homeownership Trends
Check out reports produced by NAR’s skilled economists on real estate and homeownership trends.
Homeownership Month Resources
Discover tools, grants, events, and more that show how REALTORS® and associations can help more people achieve their dream of homeownership.
Facts about Home Ownership
- The U.S. homeownership rate is 63.7 percent
- The average first-time homebuyer is about 33, at the front end of the Millennial generation.
- Approximately 80 percent of the 41.4 million Americans age 65 and older own their home. They have the highest homeownership rate among all age groups.
- West Virginia, Michigan, New Hampshire, Delaware, Maine have the highest homeownership rates—70 percent or higher.
- Every state has a homeownership rate of at least 50%.
- The housing sector directly accounts for approximately 14 percent of total economic activity.
Benefits of Home Ownership
- Homeownership is an American value and the cornerstone of our economy.
- Responsible homeownership is the key to building wealth and a strong middle class.
- Homeowners move far less frequently than renters, making it easier to build community networks and support systems.
- Homeownership offers tremendous freedom to create the living environment that you have always wanted.
- Homeownership builds wealth over time and in the long run, buying is more cost effective than renting.
- Owning a home has positive tax implications for many families, and can often reduce tax burden.
- Your mortgage interest and property tax payments may be deductible from your federal taxes, as well as many state taxes.
- According to recent Federal Reserve Survey of Consumer Finances (2020), the net worth of the typical homeowner has ranged between 31 and 46 times that of the net worth of the typical renter.
- Data shows that median homeowners had nearly $255,000 in net worth or 40 times that of the median renter who had just over $6,300.
Making a Plan to Purchase a Home
Our team is well-versed in various programs and grants available to assist in homeownership. Schedule a free consultation today and let’s make a plan to get you home!
