Home Ownership Matters75 million Americans own their homes. And according to the U.S. Census Bureau, 65% of American households are owner-occupied. We are a nation of homeowners, and home ownership is the foundation of the American Dream.
To People• Academic research shows home owners are happier and healthier and enjoy a greater feeling of control over their lives.• Owning a home is one of the best ways to build long-term wealth. According to the Federal Reserve, a home owner’s net worth has ranged from 31 to 46 times that of a renter.• Most home owners enjoy stable housing costs. A fixed-rate mortgage payment may not change for 15 to 30 years while the Bureau of Labor Statistics reports that rent typically increases 3% a year.• Home owners can typically deduct mortgage interest and property taxes on their income tax returns.
To Communities• U.S. Census Bureau statistics show home owners vote, volunteer, and contribute more to their neighborhoods.• The stability that home owners provide reduces crime and supports neighborhood upkeep.• Academic research concludes children of home owners stay in school longer and do better in school. They are also more likely to participate in organized activities and spend less time in front of the television.
To America• Homeowners pay 80 to 90% of federal individual income taxes. All Americans benefit from the programs supported by federal individual income taxes.• Every home purchase pumps up to $50,000 into the economy over time.• According to a report by the U.S. Bureau of Economic Analysis, housing accounts for more than 15% of the national Gross Domestic Product. Housing is a key driver of our national economy.• Home ownership helps support and create American Jobs. For every two homes sold, one job is created. That’s 2.5 million American jobs in an average year of home sales.
**Via Richmond Assoc. of Realtors