Homeownership and Why it Matters

Most people in America dream of owning their own homes. It is something that gives people a sense of place, the freedom to create the living environment they want, a stronger credit history and, most importantly, equity for the future. Additionally, there are many other social benefits: studies prove that children tend to do better in school, and lower crime and drug usage is reported as well. Even a person’s health and sense of self-worth tend to increase with homeownership.

According to a recent article in Forbes magazine, “The homeownership rate has fallen to a 50-year low. As of the second quarter of this year, 63.1% of households were homeowners. If the trend of the rising number of young adults still living with parents is accounted for, and we count them as renters rather than being in a home owning household, then the ownership rate in the U.S. would be even lower. Is that a concern for the country, or should we just let it be as a reflection of consumer choice?”

Piedmont Housing Alliance is here to help with homeownership. We know the research to be true, and helping people become first time homebuyers is what we do best. Our mission to create housing opportunities and build community through education, lending and development. We like sharing statistics and information with people to help empower them to brave through the process of becoming homeowners. Did you know that “a typical homeowner’s net worth was $195,400, while that of a renter was $5,400 as of 2013. As Housing Counselor Virginia Leary says, “Sustainable homeownership is a civic responsibility.  Housing counseling can help you understand what that means for you.”

Save the date for our next first time homebuyer class series on November 13th and 20th from 6-9PM at Charlottesville Area Association of Realtors.

Excerpts taken from August 12, 2016 Forbes article called “Why Homeownership Matters”.