June is National Homeownership Month!

We are excited to celebrate June as National Homeownership Month! Whether you are a homeowner now or hope to be one in the future, it is the dream of millions of Americans to have a place to call their own, build financial security, and take control of their housing costs. Here are some interesting statistics about home ownership from the National Association of Realtors:

Did you know?

  • 83 million Americans own property.
  • 5% of Americans own homes.
  • The net worth of a typical homeowner is nearly 40 times the net worth of those who don’t own homes.
  • In the last decade, the total value of owner-occupied homes rose by $8.2 trillion in the U.S. and the number of middle-income homeowners increased by nearly 1 million.
  • The typical homeowner has accumulated more than $200,000 in housing wealth because of price appreciation. This varies regionally, but our region has seen some higher-than-average appreciation rates.

From the homeowners’ perspective

Let’s take a look at it from the homeowners’ or would-be-homeowners’ perspective. In a survey of 2,500 adults by Bankrate, 74% of Americans said that homeownership is the highest gauge of prosperity, beating out retirement (66%), a successful career (60%), owning a vehicle (50%), having children (40%) and a college degree (35%). Older Americans are more likely to value homeownership higher than Gen Z and millennials.

“Nearly three in four homeowners say they would still buy their current home if they had to do it all over again,” says Greg McBride, Bankrate.com’s chief financial analyst. “Paying down debt, building savings, and knowing the limits of what you can afford all provide the stable financial foundation on which ‘no regrets’ homeownership is built.”

Obstacles to home ownership

In the same Bankrate survey, non-homeowners cited the following reasons they aren’t pursuing the purchase of a home right now:

  • Insufficient income
  • High home prices
  • Insufficient credit
  • Inability to afford a down payment

Having worked in this industry for almost 18 years, our team has seen nonhomeowners overcome these obstacles to achieve their dream of homeownership. These challenges are not insurmountable. With the right guidance, support, and discipline, those who want to own a home can.

“Homeownership has a positive impact on our communities, on families and on personal wealth. I want to help as many as possible become homeowners.” – Marti R.

Marti Reeder, Realtor, Managing Broker