It seems as though the economy and the implications of nationwide foreclosures has caused many to question whether home ownership should continue to be the American Dream.
What was once an unquestioned belief in most of our minds, is now under the magnifying glass and for good reason. If you cannot afford to own a home then you probably ought not to, but that's not what the American Dream of home ownership is all about. It's a dream because for most of us, the harder you work, the closer you get to actually achieving it. And once you've achieved home ownership, you've contributed greatly to your own future, your community and America. Here's how:
Studies have shown that home owners are happier and healthier. They feel a
greater level of control over their lives in that their mortgage payments are really long term investments. Home ownership is, if not the best, one of the best ways to build long-term wealth.
We also know that home owners vote more, volunteer more and contribute more to their neighborhoods. The stability that comes with home ownership adds to a greater feeling of community among our neighbors. In addition, children of home owners do better in school, stay in school longer, and are more likely to participate in organized activities.
America is a nation of home owners with 67% of American households owner occupied. Home owners pay 80-90% federal individual income taxes. Every home purchased adds $60,000 into the economy for furniture, improvements and other related items. Housing accounts for more than 15% of the national gross domestic product.
So as we move forward as individuals, as communities and as a country, keep in mind that home ownership matters. The American Dream isn't achieved over night and just because we are in difficult times doesn't mean that the dream is, or should be gone.
For more information on this data see Realtor.org/homeownership
If you're looking for help buying or selling a home, visit my Las Cruces real estate website for information on my services.
