Studies show that homeownership has tremendous benefits for your mindset, finances and family. Here are some reasons why it pays to own your home now.
- The average homeowner has 44 times the net worth of a renter.
- Buying a home is 33% cheaper than renting in the United States.
- Homeowners can often deduct property taxes, mortgage interest and home improvement costs from their taxes, saving money during tax time.
- 75% of non-homeowners in the United States consider buying a home to be part of their American dream, and they plan to jump in eventually.
- Buying a home is a rite-of-passage, that, once achieved, is proven to increase an individual’s satisfaction with life.
- Homeownership leads to more engaged communities, since an owner has a more personal investment in the neighborhood’s well-being.
- Kids of homeowners tend to do better in school, helping them make more money as adults and eventually buy a home for themselves.
- Homeownership contributes to overall economic growth, making up nearly 18% of the economy.
