Property Ownership Benefits Us All
April 29, 2022
Property ownership is an investment in yourself and your community — in more ways than you might realize. Property owner tax dollars invest in communities, but that’s only part of the story: research shows that property ownership provides a range of social benefits, including increased volunteerism, improved health, and less crime. These benefits are the reason The American Property Owners Alliance believes federal policies should do a better job of supporting property owners and incentivizing property ownership.
The positive impact of property ownership is far reaching. Learn how it benefits you, your community, and the economy — and why it’s worth protecting.
Owning property gives you the freedom to live comfortably in a space that meets your needs. Rather than making rental payments that don’t invest for yourself, owning property helps you build wealth. According to a study conducted by the National Association of Realtors, the typical homeowner accumulated $176,123 in home equity in a span of 10 years on a median-priced single-family home.
Homes are more valuable now than they’ve been in a long time. A recent analysis by Zillow marked the first time that homeowners earned more from appreciation of their home than their jobs in 2021. Purchasing a home is a big investment, but it’s a smart one.
The community benefits of homeownership are far-reaching. Homeowners directly invest in their community through property taxes, which contribute to local schools, first responders, public parks, infrastructure like roads and bridges, and more.
The value of a home is tied to the value of the neighborhood — which means homeowners are motivated to help improve their community. The National Association of Realtors found that homeowners are more likely to upkeep their homes and yards than renters, raising property values and improving the state of neighborhoods and communities. Homeowners also tend to volunteer more and are more likely to participate in local elections than renters.
The U.S. Census Bureau found that homeowners’ median wealth was nearly 89 times larger than the median wealth of renters. With more disposable income, homeowners purchase more local goods and rely on more services within their community, stimulating the economy where they live. This helps create jobs, improve public infrastructure, and helps your community’s economy operate independently of others. Plus, small businesses continue to be major drivers of the U.S. economy as a whole.
Source: Property Ownership Benefits Us All Propertyowneralliance.org (April 19, 2022) American Property Owners Alliance