Homeownership is declining, which is a real shame. There was a time when homeownership was treasured and aspired to, but that may be changing. There are a few reasons why it is important that this trend is squashed because homeownership is more important than some might imagine.
Why Is Homeownership Declining?
One reason homeownership is declining has to do with the housing crash that the United States just went through. It has made people a little more apprehensive about buying a home since their investment might be lost. The group most affected by this recent crash was millennials, so it is not surprising to find out that this group is not too interested in purchasing a home.
It seems that homeownership simply is not too important to millennials. Plus, this young generation is earning a lot less than previous generations and is shackled by student loan debt. There is no doubt that this generation is dealing with a number of financial struggles that make it hard for them to even consider purchasing a home. Still, homeownership is something to be valued and fought for, even if it is going to be hard to achieve for some.
Why Is Homeownership More Important Than You Think?
It is becoming obvious that the value of home ownership is getting lost in the shuffle. There are a lot of things that could be clouding people’s ability to see how important it is to own a home. These are just some of the reasons why saving and working towards this goal is still in the best interest of families.
Saves You Money
It is easy to think that renting saves you money because there is only a rent fee and a few other bills to worry about. Expenses, such as maintenance are taken care of by the owner. The reality is that after paying your loan off, you’ll only have to worry about maintenance and property taxes with a few additional bills. Furthermore, your kids won’t have to worry about buying their home if you are thinking of passing the house down.
Stability Helps Kids
Studies show that children of homeowners do better in school. It seems that the stability provided by homeownership helps kids feel safer and allows them to focus on their education with more ease. The study also shows that children who were brought up in a family home were less likely to drop out of school or get pregnant as teenagers. Families who are worried about providing the best opportunities can see how owning a home might help.
Freedom of Expression
Living in an apartment makes it hard for a family to make that property their own. Sure, they can decorate it to try to personalize it, but it is not the same as actually adding rooms, remodeling, or making real changes to the property that makes the building feel more personal. Having the ability to make a property your own helps you feel more at peace in your home, and that is good for everyone.
Clearly, there are a lot of reasons to purchase a home to gift to your family, but it is important to plan this out effectively. This is still an undoubtedly big responsibility, and you need to be ready. Financial missteps like getting a mortgage that you can’t afford can lead to financial stress or even a foreclosure.
As some people know, foreclosures are at an all time high, but you can prevent this by making sure you get a good deal. This starts by talking to reputable mortgage companies and getting a good rate that fits with your budget.
Hopefully, some of this information helps highlight the importance of homeownership for families trying to do their best. Yes, it is going to be hard, but all that work is worth the trouble.
