The real estate industry has been a big topic of the media in 2010.  From Time Magazine’s September cover title “Rethinking Home Ownership” to the Wall Street Journal’s headliner “Top 10 Reasons To Own A Home”, there have been a lot of theories about the impact of homeownership in today’s economy.  This will be the first of a 3-part series on why we believe homeownership really matters today.

So why does homeownership matter so much to people?  Studies show that homeownership has a significant and very positive impact on net worth, educational achievement, civic participation, health and overall quality of life.  In fact, according to recent stats released by the National Association of Realtors, here are some reasons why homeownership matters to people:

• Home owners are happier and healthier and enjoy a greater feeling of control of their lives.
• Owning a home is one of the best ways to build long-term wealth.  Historically, a home owner’s net worth has ranged from 31 to 46 times that of a renter.
• Home owners are free to decorate, renovate and modify their homes as they wish.
• Most home owners enjoy stable housing costs – a fixed-rate mortgage payment might not change for 15 to 30 years while rent typically increases 3% a year.
• Home owners can typically deduct mortgage interest and property taxes on their federal individual income tax return.

These are reasons why, for more than 100 years, Realtors have helped people find their piece of the American Dream.  Homeownership really does matter to people!

For more information and data on the points above, see REALTOR.org/homeownership.

By Tony Jarrett