With all the headlines and discussions about housing affordability, it's easy to get caught up in the financial aspects of buying a home. It's natural to focus on the dollars and cents involved. However, while it's essential to afford the home you purchase, don't lose sight of why homeownership was significant to you in the first place. Buying a home is much more than a financial transaction. As the National Association of Realtors (NAR) states, "The benefits of purchasing and owning your place of residence are both financial and emotional – pride in homeownership and the feeling of security are huge intangible benefits."
Here's a look at just a few of those more emotional or lifestyle perks, to help anchor you to why homeownership is one of your goals. Owning a home is often linked to better mental health and well-being. This is likely because buying a home is a major milestone. The sense of satisfaction and pride that comes with achieving this goal feels great. A recent article from the Mortgage Reports notes, "By and large, homeownership brings more satisfaction than renting. Surveyed homeowners reported an overall happiness level of 88% compared to 67% for renters."
Homeownership also brings stability, allowing you to put down roots. If you're used to moving every time your lease renews and rent increases, staying put for a while benefits you and your loved ones. A home provides predictability and the chance to build long-term friendships, reducing stress for everyone. As NAR explains, "Families also benefit from homeownership, with studies proving that parents are able to spend less time in a stressed state, therefore spending more time with their children. The ability for parents to feel stable has a huge impact on children's behavioral issues, educational success, and future economic success."
Homeownership also fosters a sense of belonging. As FinHabits states, "Homeowners tend to be more involved in their local communities, leading to a stronger sense of belonging." Your home connects you to your neighborhood and community, giving you a stake in its future. This naturally leads to more involvement and a desire to help improve the area while building long-term relationships with neighbors.
Finally, your home is a place that's all yours. Unless you have specific homeowner's association requirements, you can customize it however you like. If renting has limited your ability to express yourself, homeownership allows you to embrace the latest trends. Whether it's small home improvements or major renovations, your house can evolve with your tastes and lifestyle. Imagine coming home each day to a place that feels uniquely yours—there's no feeling like it.
If you want to enjoy a sense of accomplishment and pride in your living space, connect with a real estate agent to discuss what you need to do to make this future a reality for you.
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