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What are the benefits of Homeownership?

Catalina Kaiyoorawongs|Mortgage|June 20, 2023
What are the benefits of Homeownership?

There are emotional, mental, and psychological benefits of home ownership beyond just the financial benefits. Eighty-two percent of the average American’s retirement comes from the value of their home, so the financial benefits are strong and clear. Other financial benefits include include:

  • Lower cost of car insurance and other insurance products
  • Vehicle to borrow from in the future when you are in a financial crunch
  • Stable housing payments over time relative to rental rate increases

Financial stability leads to emotional financial stability, having control of your space is really important. From a psychological and emotional appeal, homeownership provides stability for families. That stability yields better educational outcomes for children who grow up in more stable environments. Not having to worry about non-renewal of a lease or the property transitioning ownership, which is also out of a renter’s control. Of course, there are benefits to not having your landlord tell you, “oh, rent this year is 30% higher than last year”. Mortgage payments tend to be much more stable over time which provides more stability.

The safety of the neighborhood with more homeowners comes as another huge benefit. Where more people own homes, more investment goes into the community which impacts the safety and also impacts the way the neighborhood looks and feels. 

More homeownership, means more investment of public resources into policing, schooling and other resources that makes raising a healthy and financially stable family easier.

That's why we help people tackle their student loans and buy a home.

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