Since 2002, June has been recognized as National Home Ownership Month, a time to celebrate all things home. First used as a strategy to increase home ownership in the 1990s, National Home Ownership Month has evolved over time, and during the past 15 months, we have discovered just how important our homes really are. A home provides a shelter and a safe space to prosper and build a livelihood, even in the midst of never-before-seen circumstances. Homes have become schools, offices, playgrounds and gyms as the world responded to a global pandemic.
The benefits of homeownership affect more than just the family within the house—they are far-reaching, from household wealth, neighborhood stability and the nation’s broader economic health. Owning a home is more than just a place to live—it’s an investment in your community and yourself. Homeowners are more likely to join voluntary organizations, have better physical and psychological health and have a higher rate of high school graduation.
If you are in the market for a new home, most Americans consider homeownership to be the single best long-term investment—the American Dream. In 2019, a primary residence was the largest asset among households across age groups. Many homeowners count on their home equity to fund their retirement dreams, their children’s education and other important needs. More than that, owning your own home is a cherished ideal and a source of pride, accomplishment, social stability and peace of mind.
Housing is also vitally important to local, state and national economies. A healthy housing industry means more jobs and a stronger economy. The construction of 1,000 single-family homes creates 2,900 full-time jobs across all U.S. industries, $80 million in wages and more than $56 million in federal, sate and local tax revenues and fees. Homeownership needs to remain attainable and access to safe, decent and affordable housing must remain a national priority.
Before you make the largest investment in your future, be sure to schedule a home inspection. Knowing what is behind the walls can help you make an informed decision so you and your family can rest assured that your house is safe and will provide many years of delight and comfort.