Homeownership: More Than Just the American Dream

05 Jul 2017 11:45 AM | Colleen Corrigan (Administrator)

by CMBA President Matt Cecko, Home Check Plus

Without a doubt, owning a home is one of the key tenets of the American Dream. The stability and social “arrival” signaled by home ownership is at the heart of most American’s long-term aspirations.

But the benefits of homeownership don’t stop at stability and social status; individuals and families benefit from owning their own home in many other ways. The National Association of Home Builders (NAHB) has conducted several studies on how home ownership affects individuals and their communities. The findings include:

       Most Americans consider homeownership to be the single best long-term investment and a primary source of financial security.

       Owning your home means owning your future — a place to raise your family, fulfill your dreams and create strong communities.

       Over the long term, homeownership is a solid stepping stone to a future of financial security. The equity accumulated over years of homeownership can be used to help pay for college, to downsize into a retirement home, or for a range of future financial needs.

       The nation’s housing and homeownership policies over the last century have contributed to the growth of the middle class and helped the United States become the most dynamic economy the world has ever seen.

       Housing is vitally important to local, state and national economies. It is critical that homeownership remains attainable and that access to safe, decent and affordable housing remains a national priority.

       Fifteen percent of the U.S. economy relies on housing, and nothing packs a bigger local economic impact than home building.

       Constructing 100 new single-family homes creates 297 full-time jobs, $28 million in wage and business income, and $11.1 million in federal, state and local tax revenue.

       A healthy housing industry means more jobs and a stronger economy. Home building increases the property tax base that supports local schools and communities.

       Housing, like no other sector, is “Made in America.” Most of the products used in home construction and remodeling are manufactured here in the United States.

This list makes it clear that home ownership drives the ship of a vast array of economic and social benefits. It should go without saying that in order to realize these benefits, home ownership needs to be obtainable and affordable. It has taken an industry that is driven to work together to keep the costs of home building down, so that owning a home continues to be an affordable reality.

The unity that exists within the home building industry is what provides the way for countless families to own a home. Industry unity drives affordability, and affordability drives the economy and ultimately, the American Dream.