Cornerstone of the American Dream! Realizing that dream helps Americans acquire wealth, encourages savings, and promotes civic engagement. It's good for the homeowner, it's good for the economy, and is good for society
Surveys show that people want to own their home as part of their American Dream. They know it provides for wealth accumulation if they are owners. In fact, over a lifetime, a typical homeowner will be ahead of a typical renter by a factor of 45!
And, the economy benefits, too! For each home sold, there are expenditures related to lawn care, remodeling, new furniture, moving and more - all contributing to economic growth and job creation.
Everybody wins! There are multiple benefits of homeownership to individuals and to society. But one thing is clear: Homeownership matters!
Not to be forgotten are the social benefits of home ownership. Children tend to do better in school, and experience lower crime and drug usage rates, and homeowners are more likely to get involved in their communities and volunteer organizations. Health outcomes also improve - perhaps from a better sense of self-control and self-worth when compared with renters.