November 25, 2020

Hidden Benefits Of Home Ownership

If you are considering a home purchase, you are probably looking forward to eliminating rent increases, pet restrictions and some of the other irritations of answering to a landlord. You may also know that buying your own home is a reliable strategy for gaining long-term wealth with minimal risk to your initial investment.

It doesn’t stop there. Buying a home is so much more than putting a roof over your head and building equity.

Home ownership is the heart of a great community.

As homeowners make family and neighborhood ties, they contribute to the health and stability of their local community. Homeowners are more likely to:

  • Support local businesses
  • Get involved in local events
  • Volunteer or donate to local causes
  • Vote in local elections

Housing Drives Local and National Economic Growth

According to the October 2019 In Focus report by Congressional Research Service, housing is a vital sector of the U.S. economy that influences new job creation and employment stability.

  • Residential construction contributes well over 800,000 jobs to the national economy.
  • Residential real estate investments and household services account for close to 15% of U.S gross domestic product.
  • Home ownership holds close to a 25% share of households’ net worth.

Pride-of-Ownership creates a sense of satisfaction and wellbeing

In American culture, owning a home is an important symbol of independence and stability that contributes to:

  • improved self-esteem
  • increased sense of satisfaction
  • greater sense of being in control

While getting a dog, painting your bedroom and planting a garden are all fun ways to enjoy the freedom of home ownership, the benefits to you and your community go much deeper than a coat of paint.

Call a Boles Group loan officer at 480-279-0032 to prequalify today.

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Bay Equity Home Loans – Boles Group is a team of lending professionals located in Gilbert, Arizona and licensed to originate home loans for purchase or refinance in nine states (AZ, CA, CO, ID, MN, NM, NV, OR, WA). Boles Group lending professionals have the knowledge and experience to create solutions where other lenders create problems. The team prides itself on responsive, accurate communication and is highly regarded by clients and business associates alike.