The Dream of Homeownership Is Worth the Effort

<article class="post-273647 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-273647"><span class="entry-date">April 27, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">The Dream of Homeownership Is Worth the Effort</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=The+Dream+of+Homeownership+Is+Worth+the+Effort&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fthe-dream-of-homeownership-is-worth-the-effort%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p>If you’re in the market to buy a home this season, stick with it. Homebuyers face challenges in any market, and today’s is no exception. But if you persevere, your decision to purchase a home will be worth the effort in the end. In fact, a <a href="https://www.bankrate.com/mortgages/homeownership-remains-centerpiece-of-american-dream/#homeownership">recent survey</a> from <em>Bankrate</em> shows homeownership is so powerful that:<span id="more-46387"></span></p>
<blockquote>
<p><em>“<strong>Nearly three in four homeowners say they would still buy their current home if they had it to do [sic] all over again</strong>.” </em></p>
</blockquote>
<p>That means the results – owning a home and the <a href="https://www.simplifyingthemarket.com/2022/03/22/the-many-benefits-of-homeownership/?a=712984-fa409495d5d70154d03a25e81e9540e2">benefits</a> that come with it – outweigh the effort needed to achieve their goal. If you’re a homebuyer, let that provide you with the confidence to know the work you’re putting in today will pay off for years to come. Here are a few reasons to stick with your search and focus on the outcome.</p>
<h4><strong>Homeownership Contributes Significantly to Your Financial Well-Being </strong></h4>
<p>The <a href="https://magazine.realtor/sales-and-marketing/handouts-for-customers/for-buyers/7-reasons-to-own-a-home"><em>National Association of Realtors</em></a> (NAR) lists several motivations to consider if you’re thinking about <a href="https://www.simplifyingthemarket.com/2022/03/16/are-you-wondering-if-this-is-the-year-to-buy-a-home/?a=712984-fa409495d5d70154d03a25e81e9540e2">buying a home</a>. One of the top financial reasons is the <a href="https://www.simplifyingthemarket.com/2022/03/21/the-average-homeowner-gained-more-than-55k-in-equity-over-the-past-year/?a=712984-fa409495d5d70154d03a25e81e9540e2">equity</a> you build. As NAR says:</p>
<blockquote>
<p><em>“Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity . . . <strong>Building equity in your home is a ready-made savings plan.”</strong></em></p>
</blockquote>
<p>Your equity is a powerful tool you can <a href="https://www.simplifyingthemarket.com/2021/11/22/4-ways-homeowners-can-use-their-equity/?a=712984-fa409495d5d70154d03a25e81e9540e2">leverage</a> in a number of ways. And with recent home <a href="https://www.simplifyingthemarket.com/2022/04/07/the-future-of-home-price-appreciation-and-what-it-means-for-you/?a=712984-fa409495d5d70154d03a25e81e9540e2">price appreciation</a>, homeowners are seeing record levels of equity today. That may be one reason why so many people view owning a home as a <a href="https://www.simplifyingthemarket.com/2022/02/21/real-estate-voted-the-best-investment-eight-years-in-a-row/?a=712984-fa409495d5d70154d03a25e81e9540e2">great investment</a> and a top indicator of <a href="https://www.simplifyingthemarket.com/2022/03/28/a-key-to-building-wealth-is-homeownership/?a=712984-fa409495d5d70154d03a25e81e9540e2">financial well-being</a>. As the survey from <em>Bankrate</em> mentioned above shows:</p>
<blockquote>
<p><em>“. . . <strong>Americans place a higher value on homeownership than on any other indicator of economic stability</strong>, . . .”</em></p>
</blockquote>
<p>Owning a home ranks above other major accomplishments like retirement, having a successful career, and getting a college degree. <strong>That indicates just how impactful the financial benefits of homeownership truly are.</strong></p>
<h4><strong>The Emotional Benefits of Owning a Home Are Powerful</strong></h4>
<p>Of course, <a href="https://www.simplifyingthemarket.com/2022/02/14/are-you-ready-to-fall-in-love-with-homeownership/?a=712984-fa409495d5d70154d03a25e81e9540e2">homeownership</a> is more than an investment. In their list of top reasons to buy a home, NAR also highlights some of the powerful, <a href="https://www.simplifyingthemarket.com/2022/02/01/why-a-move-could-bring-you-more-happiness-this-year/?a=712984-fa409495d5d70154d03a25e81e9540e2">non-financial</a> aspects of homeownership. Among them is the opportunity to customize your home to reflect your personality and needs. As they say:</p>
<p><em>“The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.”</em></p>
<p>Another benefit homeowners enjoy is the stability it provides. Homeowners typically stay put longer than renters. According to NAR, when you remain in one place longer than a few years, you can grow closer to your community. And that can enhance your sense of pride and lead to better relationships.</p>
<h4><strong>What Does That Mean for You?</strong></h4>
<p>The benefits of homeownership are powerful, as Leslie Rouda Smith, President of NAR, <a href="https://www.nar.realtor/newsroom/nar-report-shows-share-of-millennial-home-buyers-continues-to-rise">says</a>:</p>
<blockquote>
<p><em>“From building personal wealth and fostering communities, to strengthening social stability and driving the national economy, <strong>the value of homeownership is indisputable.”</strong></em></p>
</blockquote>
<p>Even if you face challenges in today’s market, the payoff when you succeed and purchase a home will be worth it.</p>
<h3><strong>Bottom Line</strong></h3>
<p>If you’re planning to buy a home this year, there are incredible benefits waiting for you at the end of your journey. Let’s connect to discuss everything homeownership has to offer.</p>
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