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Homeownership is Still Worth It

December 12, 2010

Coin bank that looks like a houseOwning a home in this economy is not easy, but experts in the industry continue to see homeownership as a sound long-term investment.

The Illinois Association of REALTORS offers five reasons on why owning a home is still worth it.

1. Long-term wealth: Owning a home is still one of the best ways to build long-term wealth. According to data from the Federal Reserve Survey of Consumer Finances, a homeowner’s net worth ranges from 31 to 46 times that of a renter. Despite the economy, owning a home still represents a family’s primary means of financial advancement. And, over time, appreciation outpaces inflation, so your home actually provides protection against inflation.

2. Stable monthly payments: While rents go up generally three percent or more each year, your fixed-rate mortgage payment might not change for 15 to 30 years. Homes are more affordable than they have been in decades, and historically low interest rates can save homeowners thousands of dollars a year.

3. Tax benefits: Homeowners can deduct mortgage interest and property taxes on their federal income tax return, which equates to a significant tax savings.

4. Freedom: Want to alter the property or plant flowers in your front yard? Owning a home gives you the freedom to do what you want. Renting gives you the freedom to call your landlord to see what he wants.

5. Investment in your future: Buying a home is not just about dollars and cents, it’s also about planting roots, building memories and being a part of a larger community. When you can afford your monthly mortgage payments, owning a home is owning a piece of security.

“Studies show that homeownership has a significant positive impact on net worth and is a primary means of financial advancement for many people,” said Sheryl Grider Whitehurst, president of the Springfield-based Illinois Association of REALTORS® and development and operations coordinator for Peoria-based Traders Realty.

“Homeownership also boosts civic participation, health and overall quality of life. People who own their homes vote more, volunteer more and contribute more to their neighborhoods. Homeowners don’t move as often as renters, providing added stability to communities.”

To learn more about the benefits to buying a home, as well as available financing programs, visit YourIllinoisHome.com.

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Tracey

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