The Most Appealing Aspects of Homeownership

What comes to mind when you think of homeownership? Do you think American Dream? Do you think financial security? Or perhaps being close to friends and family? Do you wonder what other people think? Read on and find out how you compare…

The National Association of Realtors (NAR) released their first issue of the Housing Opportunities & Market Experience Survey (HOME) in mid-December of 2015. In the report, NAR revealed what Americans believe to be the most appealing aspects of homeownership.

Here is a graph showing the results:

Although I often stress the financial and societal benefits of homeownership, it is interesting to see that the two most appealing aspects for most people had nothing to do with money but instead addressed non-financial benefits. 

When people think of home being a place to raise their family (36% of those polled), what are their top considerations? Not surprisingly, education for their children and safety for their family members and possessions rank highest on the list. Fortunately, technology now allows us unlimited access to online sites that provide all the data needed to make informed choices about schools, crime rates, and more. This, in turn, puts more pressure on school districts and municipalities to keep our neighborhoods safe and our schools productive. Failure to do so has negative consequences for all concerned as it also erodes that sense of community that draws people in and binds us together.

What are the personal benefits of owning a place of your own? This was important to more than 25% of those who responded. Homeownership gives people a sense of independence, privacy, and security. Apart from any existing community guidelines, the choices you make are your own. You can build your dream home from the ground up, buy new construction and personalize it, buy an older home and remodel it, or find the house that is "just right" and live in it as-is. The possibilities are almost endless. While a dollar value can be calculated for some aspects of homeownership, the satisfaction of a place you can call your own is truly priceless. And your home, and the satisfaction it brings, can be passed down to provide a sense of place as well as security for your children and grandchildren.

More and more often I see people relocating to be closer to family members. The Baby Boom generation is now heavily invested in caring for aging parents, and many are also grandparents. Retirees are moving closer to grandchildren, Millenials are moving closer to parents and grandparents.There is a significant movement of people of all generations looking for ways to become closer as they transition through the various phases of their lives, and it doesn't appear this trend will end any time soon.

Where do you fit in this survey? For me, all of the responses have been and continue to be significant. What about you?

Interested in knowing more about the pros and cons of homeownership? Find a great real estate professional near you to sit down with and talk. And, as always, if I can help in any way or answer any questions for you, let me know. I'm here to help!