For many, homeownership has a place on the big list of life goals, and this is the way it has been for, well, most of modern American history. However, you may have heard that a record number of young adults are bumping homeownership from their personal lists. But according to a survey conducted by the National Association of Home Builders between February14-18, which was answered by more than 11,300 registered voters, indicates that a whopping 70% of Americans still believe homeownership has a place among life goals.
The verdict is in: homeownership is still very much a part of the American Dream, and the Home Builder’s Association of Greater Springfield is very pleased to be celebrating National Homeownership Month in June.
If you’re considering buying a home, you’re in good company. The spring and summer months are undoubtedly the most popular for new homebuyers. The benefits of homeownership in itself are plentiful for both you and your community. Not only does owning your own home help you build financial strength while nurturing your emotional well-being, but you also contribute to the stability of your surrounding community.
That there are financial benefits to homeownership might seem counterintuitive. After all, owning and maintaining a home is expensive. However, when you own a home, your equity in the home can appreciate over time. Over time, the equity you build increases your net worth.
That said, you don’t have to wait for your home to appreciate in value before you experience a financial advantage. According to estimates provided by the Joint Committee on Taxation and NAHB analysis, American homeowners saw their tax bills reduced by more than $100 billion in 2014 alone through mortgage interest deduction and the real estate deduction. In fact, if you itemize your federal income tax deductions, you can deduct 100% of your mortgage interest payments on a first or second home with a maximum mortgage amount of $1 million.
According to the NAHB, this deduction is claimed by 70% of homeowners with a mortgage claim, and 90% of all mortgage interest paid gets deducted.
Buying a home is a commitment to the area and the community. Unlike renters, homeowners are likely not going to want to move every year or so. This increases your community’s stability—after all, once you are part of a community, you have a vested interest in maintaining a healthy, safe environment for yourself and your loved ones.
Civic participation is born out of commitment to a community. You might see this through volunteering, participation in school or church activities, property maintenance, and so on. A community of homeowners has a common goal—and that is to see their area grow and thrive.
Homeownership is a big step for anyone, whether you’re thinking about buying your first home, upsizing to accommodate a growing family, or downsizing as your kids take their first steps into adulthood. To learn more about the benefits of homeownership, or to officially kick off the search for your home sweet home, visit hbaspringfield.com.
This tip brought to you by HBAHomePros.com – Quality Insured Home Professionals.