Jun 10 2022

Eleven reasons to become a homeowner

Tough market got you down? Here are 11 reasons to keep working toward the home of your dreams.

No one can pinpoint the exact moment when a house becomes a home. But it is possible to identify the emotional and personal payoffs that make homeownership worthwhile—many of which are supported by research.

Homeownership has at least 11 non-financial benefits

By becoming a homeowner, you could potentially see improvements in:

1. Personal pride.

It’s that feeling when you finally have a place to call your own, one that you officially own and that you can customize to your liking. Occupying your own space gives you a sense of ownership. Pride and personal satisfaction are sure to follow.

2. Community pride.

Personal pride can also extend into your community as you put down roots and begin to forge long-term connections. This, too, supports neighborhood stability. According to the National Association of REALTORS® (NAR): “Living in one place for a longer amount of time creates an obvious sense of community pride, which may lead to more investment in said community.”*

3. Life purpose.

Committing to one place (as opposed to endlessly scrolling listings) could deepen your sense of purpose. While renters can still put down roots and have meaningful community relationships, committing to homeownership might help you let go of the “bigger, better” comparison game, renewing your purpose as you focus on your home, family, and local area.

4. Autonomy.

As mentioned, once you become a homeowner, you have total control of what you do within the four walls of your house and inside your property line. You now have full creative control to customize your home any way you’d like. Repaint the walls or knock a few down, put up funky wallpaper, install a water feature in your yard, break ground for a pool, upgrade your kitchen—all without asking your landlord.

5. Security.

The need for personal security has never been more important after weathering a pandemic. That’s why many renters have moved toward homeownership: to have a stable living space. “Despite the upheaval and uncertainty… one thing has stayed the same: the home continues to be of the utmost importance and a place of security and comfort,” Unison’s 2021 State of the American Homeowner report states.

6. Feelings of success.

Unison’s report also shows that nearly all homeowners—at 91 percent—say that owning a house helped them to feel stable, secure, or successful. It may come as no surprise, then, that more homeowners now feel emotionally attached to their homes: at 70 percent compared to 58 percent of homeowners before the pandemic.

How can we help make your dreams of homeownership come true? Contact us for an answer.

7. Mental health.

As you can imagine, a potential boost in pride, security, and purpose is bound to influence your mental wellness. “It has long been thought that buying a home contributes to a sense of accomplishment. Still, most individuals fail to realize that homeownership can benefit your mental health and the community around you,” JD Esajian, CT Homes President, says.

8. Physical health.

Housing is a key social determinant of health, a connection that became even more relevant throughout the pandemic. Evidence shows that having access to secure, affordable housing can decrease healthcare expenses and improve health outcomes. At Academy Mortgage, we believe homeownership is for everyoneReach out to a local Loan Officer to learn more about your affordable mortgage options.

9. Stress-relief.

While it may seem daunting to sign on the dotted line and commit to a mortgage, taking the plunge has its advantages. You’ll no longer have to worry about increasingly common rent hikes, for starters. Having a predictable monthly mortgage payment can bring peace of mind and help you to plan financially for your future.

10. Family togetherness.

The stability of homeownership also helps support a family’s foundation, relieving stress and allowing for more quality family time. And, investing in a home and paying a mortgage gives parents the chance to pass financial life skills down to their children. “The ability for parents to feel stable has a huge impact on children’s behavioral issues, educational success, and future economic success,” the NAR finds.*

11. Entrepreneurial opportunities.

While this benefit is finance-adjacent, it speaks more to homeownership’s ability to support future goals by functioning as a forced savings plan. It’s also possible to use your home as collateral to obtain a small business loan, enabling you to grow or start a business. This is just one example of how homeownership helps the economy—via job creation.

So, what could you gain from becoming a homeowner?

There’s an easy way to find out. Connect with an Academy Mortgage Loan Officer if you’d like to learn which unique benefits of homeownership apply to you.

This blog is intended for educational purposes only. Please consult a trusted professional as personal circumstances may vary. MAC423-1480781.