Homeownership Is Still at the Heart of the American Dream
Homeownership is at the heart of the American Dream, making the purchase of a Kansas City home a powerful and significant decision. Renting a home offers an individual somewhere to live, but owning a home brings a sense of belonging, stability, and freedom. According to Nicole Bachaud, Senior Economist at Zillow:
"The American Dream is still owning a home. There's a lot of pent-up demand for ownership; that isn't going to go away."
Why do many Americans continue to value homeownership? Here are a few of the many reasons.
The Financial Benefits of Owning a Home
Homeownership is viewed highly as an effective wealth-building tool. Jessica Lautz, Deputy Chief and VP of Research at the National Association of Realtors (NAR), emphasizes this point by saying:
"Homeownership is the number one way to build wealth in America."
Owning a Kansas City home helps boost your net worth over time and positions future generations for success as you pass that wealth down. Habitat for Humanity explains:
"Overall, homeownership promotes wealth building by acting as a forced savings mechanism and through home value appreciation. Homeowners make monthly payments that increase their equity in their homes by paying down the principal balance of their mortgage. . . . In addition, owning a home promotes intergenerational homeownership and wealth building. Children of homeowners transition to homeownership earlier — lengthening the period over which they can accumulate wealth . . ."
Owning your KC home can also provide more financial stability than renting. A fixed-rate mortgage can lock in your monthly housing payments for the length of your home loan.
The Non-Financial Benefits of Homeownership
Owning your Kansas City home offers more than financial benefits—it also helps you socially and emotionally. Homeownership can provide feelings of achievement, responsibility, and more. In a recent survey, Fannie Mae outlines these more emotionally-driven benefits:
"The top three were having control over what you do with your living space (94%) to having a sense of privacy and security (91%) and having a good place for your family or to raise your children (90%) . . ."
What Does This Mean for You?
Does your idea of the American Dream involve greater freedom, security, and prosperity? Homeownership could be a pivotal player in bringing that dream to life. It could be time for you to consider making a move since Kansas City mortgage rates are currently on a downward trend.
For ready and able Kansas City homebuyers, incredible benefits are waiting at the end of your journey. The Just Say Home real estate team can help you gain more than just a home. These Kansas City housing experts will find you a place to call your own that increases your net worth. Like Ksenia Potapov, Economist at First American says:
"...homeownership remains an important driver of wealth accumulation and the largest source of total wealth among most households."
Purchasing a Kansas City home is a powerful decision and the cornerstone of the American Dream. Is discovering a place to call your own part of your goals for this year? The Just Say Home Team can help you on your journey to homeownership!