Unlocking the American Dream: Homeownership in Mesa, AZ
Buying a home is a momentous decision, and it’s a fundamental part of the American Dream. Unlike renting, owning a home is more than just having a place to live – it offers a profound sense of belonging, stability, and freedom. As Nicole Bachaud, Senior Economist at Zillow, aptly puts it:
“The American Dream is still owning a home. There’s a lot of pent-up demand for ownership; that isn’t going to go away.”
Let’s delve into why so many Mesa residents continue to hold homeownership in high regard.
The Financial Benefits of Owning a Home
One compelling reason why homeownership is so esteemed is because it’s a potent tool for building wealth. Jessica Lautz, Deputy Chief and VP of Research at the National Association of Realtors (NAR), emphasizes:
“Homeownership is the number one way to build wealth in America.”
Owning a home not only enhances your net worth over time but also sets the stage for future generations’ success as they inherit your wealth. Habitat for Humanity explains:
“Overall, homeownership promotes wealth building by acting as a forced savings mechanism and through home value appreciation. Homeowners make monthly payments that increase their equity in their homes by paying down the principal balance of their mortgage. In addition, owning a home promotes intergenerational homeownership and wealth building. Children of homeowners transition to homeownership earlier, lengthening the period over which they can accumulate wealth.”
Furthermore, owning a home can provide substantial financial stability when compared to renting. With a fixed-rate mortgage, you can lock in your monthly housing payments for the duration of your home loan.
The Non-Financial Benefits of Homeownership
Beyond financial gains, owning a home brings social and emotional benefits. Your home fosters feelings of accomplishment, responsibility, and more. According to a recent survey by Fannie Mae:
“The top three emotional benefits were having control over your living space (94%), having a sense of privacy and security (91%), and having a suitable place for your family or to raise your children (90%).”
What Does That Mean for You?
If your vision of the American Dream includes greater freedom, security, and prosperity, homeownership can play a pivotal role in making that dream a reality. Additionally, with mortgage rates currently trending downward, this could be an opportune moment to consider your next move.
If you’re ready and able to buy, remember that the journey holds incredible benefits. You’ll gain more than just a home – it’s a place to cultivate your wealth and call your own. In the words of Ksenia Potapov, Economist at First American:
“…homeownership remains an important driver of wealth accumulation and the largest source of total wealth among most households.”
In conclusion, buying a home is a momentous decision and the cornerstone of the American Dream. If making a place your own is part of your dream this year, let’s connect to kickstart the process today.