Facts and Benefits About Home Ownership

June 9, 2020

Owning a home in America has been a source of pride and security for generations. From
rural counties to bustling cities, homes offer an opportunity to lay down roots, start a
family, and embark on new beginnings. During National Home Ownership Month, we
recommit to ensuring more people can reach for this fundamental piece of the
American dream.

 

A FEW FACTS ABOUT HOME OWNERSHIP 1
• The U.S. home ownership rate is 63.7 percent.
• The average first-time homebuyer is about 33 years old, at the front end of the Millennial generation.
• Approximately 80% of the 41.4 million Americans age 65 and older own their home.
− They have the highest home ownership rate among all age groups.
• West Virginia, Michigan, New Hampshire, Delaware, Maine have the highest home ownership rates—70
percent or higher.
• Every state has a home ownership rate of at least 50%.
• The housing sector directly accounts for approximately 14 percent of total economic activity.

BENEFITS OF HOME OWNERSHIP 

• Home ownership is an American value and the cornerstone of our economy.
• Responsible home ownership is the key to building wealth and a strong middle class.
• Homeowners move far less frequently than renters, making it easier to build community networks and
support systems.
• Home ownership offers tremendous freedom to create the living environment that you have always
wanted.
• According to the National Association of Realtors, home ownership offers many benefits including
− Greater awareness of the political process,
− Higher incidence of membership in voluntary organizations and church attendance,
− Lower teen pregnancy by children’s living in owned homes,
− Higher student test scores by children’s living in owned homes,
− Higher rate of high school graduation thereby higher earning,
− Children more likely to participate in organized activities and have less television screen time,
− Better health outcomes, including better physical and psychological health.
• Home ownership builds wealth over time and in the long run, buying is more cost effective than renting.
• Owning a home has positive tax implications for many families, and can often reduce tax burden.
− Your mortgage interest and property tax payments may be deductible from your federal taxes, as
well as many state taxes.
• According to the most recent Federal Reserve Survey of Consumer Finances (2013), in the past 15 years,
the net worth of the typical homeowner has ranged between 31 and 46 times that of the net worth of the
typical renter.
− Data shows that median homeowners had nearly $200,000 in net worth or 36 times that of the
median renter who had just over $5,000.

1 Twenty Interesting Facts About Home Ownership; Anthony Alfano

 

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