It’s a known fact that 2008 left a bad taste with home buyers and many had to shelve their plans on finding a dream house due to falling home prices and lending changes. However, now with a recovery in full swing and corrections in place, the dream of owning a home is very much still a significant part of the American Dream, here are the reasons that solidify the importance of home ownership:
1. Home ownership builds financial wealth.
Perhaps its most tangible benefit, home ownership provides better value in terms of money spent. While rent payments go to someone else’s pockets, mortgage payments go to the reduction of your debt.
Your equity grows as you pay, and every month is a step closer to fully owning the property. Over time, the home becomes an asset as its value appreciates. For example, in Bryan County OK, home appreciation has grown up to 10.81% in the last 10 years, and continues to go up to 4.3% each year.
2. Mortgage payments are stable.
In contrast to rental rates which tend to skyrocket according to demand, a fixed rate mortgage gives home owners the peace of mind knowing that the payments will remain the same. Home ownership gives you a shield against the surge in real estate prices.
3. Home owners receive tax benefits.
Owning a home provides Americans with a great deal of tax savings. Deductions reduce the annual interest payments, property taxes, imputed rent, and home sale profits.
On the first year alone, the so-called origination fees or closing cost deductions mean more savings for the home owner. There are also savings on home equity loan deductions and capital gains exclusion.
4. Owning a home gives freedom.
Freedom means gaining full rights over your space. By living in your own home, you no longer need to adjust on an unfamiliar territory. You are free to design and make your house adaptable to your lifestyle.
5. Homeownership is good for one’s health.
Compared to renting, you are most likely to become healthier when you move into your own home. As you gain full control over your surroundings, you are now capable of making your space as clean and as habitable as you want it to be.
The feeling of satisfaction that comes with homeownership also improves one’s well being. According to the NAR research on the Social Benefits of Home Ownership and Stable Housing, owning a home has a positive impact on physical health.
Habitat for Humanity also did a similar research and found out that homeownership raises self-esteem, and improves one’s psychological well-being.
6. Families who own their homes succeed.
Perhaps a bit conclusive, but numerous studies have proven that children who grow up in family-owned homes are more emotionally stable and secure.
Raising kids in the same neighborhood and sending them to the same school lessens the likelihood of substance abuse. It also leads to higher test scores and higher graduation rates.
In Bryan County OK where most communities are generally safe and peaceful, 84.2% of its residents graduated from high school. According to census.gov, 82.6% of the families living here are planning to stay for a longer term.
7. Homeownership improves the economy.
Residents who own their homes develop a sense of belonging. Homeownership encourages involvement in community programs, school organizations, and volunteer projects. Local businesses thrive as permanent residents are usually the ones who become repeat customers.
If you are wondering why Bryan County is one of the better places to live in Oklahoma, it is because 64.6% of the homes in Bryan County are owner-occupied. The more property owners there are, the better the communities benefit from its real estate taxes. This leads to road improvements, better police security, fire services, infrastructure projects and other beneficial government services.
The bottom line – no matter how challenging homeownership can be, it is still important. It benefits individuals, families, and entire communities in more ways than renting could ever do. If you are planning to live in Bryan County OK, we can help you find the perfect home for you. Call or send us an email today.