June 13, 2022
June is National Homeownership Month when more than 82 million Americans can celebrate the role homeownership plays in building neighborhoods, communities, pride of ownership and financial security. National recognition for homeownership began as a designated week in June 1995 with the aim of increasing homeownership. In 2002, the observance was expanded to the entire month of June. National Homeownership Month emphasizes the ideal of owning a home as an integral part of achieving the American dream.
“Homeowners not only invest money in real estate but also time in their communities, schools, churches, civic organizations and governments,” said Alabama Association of REALTORS® President Wes Grant. “There is much more institutional value in homeownership than just a land and dwelling.”
Homeownership increased dramatically throughout the pandemic even though prices and demand were abnormally high. According to the National Association of REALTORS®, Americans today are more likely to own a home than 10 years ago. At the end of 2020, 65.5 percent of Americans were homeowners reaping the financial and social benefits of homeownership. “The net worth of a homeowner was about $300,000 while that of a renter’s was $8,000 in 2021,” says NAR. “The net worth of a typical homeowner is about 40 times the net worth of a renter.” Tax benefits and first-time homebuyer programs add to the financial impact of homeownership.
Socially, “owning a home is associated with better educational performance of children, higher participation in civic and volunteering activity, better health care outcomes and lower crime rates in the communities,” says NAR.
Alabama’s homebuyers look to REALTORS® for help in achieving their dreams. Especially in a challenging market and an uncertain economy, REALTORS® use their expertise to bring novice homebuyers into their first home and veteran homebuyers to their next. At the end of the day, the pride of homeownership is evident in the faces at the closing table.