THIS is where your homeownership journey begins!
We are excited to support you on your path to homeownership with this Home Buyer Resource Guide. Feel free to reach out to your REALTOR® for assistance as you navigate the links below. Don’t have a REALTOR®? Find one here.
Studies show that homeownership provides a variety of benefits for both individuals and communities. The benefits of homeownership for individuals include the ability to accumulate wealth through asset appreciation and the ability to have greater control over their living environment. Homeowners have a greater investment in their neighborhood due to directly benefiting from changes in the property’s value, which can lead to a better home environment and safer environment for their children. The incentive to invest in a neighborhood may lead to greater participation in neighborhood activities and community organizations, thus contributing to improving local schools or reducing local crime.
Homeownership also increases the ability of owners to create funding for higher education, retirement, and long-term generational wealth. Homeowners’ median net worth is 80 times renters’ median net worth, according to a 2019 Census Bureau study. That same study found that white households had a median household wealth of $139,300, compared with $12,780 for Black households. In 2019, 21 percent of all buyers received financial help from a parent or other relative for their down payment, according to NAR. These gifts enable the next generation to create wealth that can be passed onto future generations. But, this wealth creation starts with homeownership.
Other benefits include:
- Equity: the difference between what the property is worth and what the owner owes against the property
- Appreciation: Price appreciation in real estate refers to the increase in the value of a real estate property over a period of time
- Tax benefits
- Mortgage Interest Tax Deduction
- Property Taxes Deduction
- Capital Gains Exclusion
- Creative Freedom/Pride of Ownership