Why Your Home Is More Important Than Ever

July 24, 2020

Jane Austen said, “Ah! There is nothing like staying at home for real comfort.” While that was certainly true in 1815 when she published the book Emma, it’s even more apt today. Our homes have become our sanctuaries. They give us shelter during the storm (or pandemic), they help us build wealth, and they are often the settings of some of our most cherished memories. Owning a home is a major life milestone and one that should be celebrated. And if anything, the global pandemic is helping to boost an already robust real estate market. If you’re still on the fence about diving into homeownership, let’s take a look at why your home is more important than ever right now.

It benefits you

Property ownership and security go hand in hand. That’s why it’s always been an important part of the American Dream. Owning a home gives you and your family both emotional and financial stability. It also gives you an amazing opportunity to build wealth, as real estate values historically appreciate over time. Buying a home has always been a sound financial investment. But it also gives you and your family peace of mind. Dorothy Gale said it best, “There’s no place like home.”

It benefits your community

The benefits don’t stop at just you and your family, however. Homeownership also boosts communities. The taxes you pay on your home benefit programs and infrastructure in your community. This includes building schools, operating libraries, repairing roads, maintaining parks, and providing police and fire protection. Homeowners tend to be more invested in their communities, too. They are more involved in local organizations, charities, and activities. Homeowners also tend to get involved in local politics, school boards, and neighborhood watches.

It benefits our economy

Looking at the bigger picture, homeownership is also a cornerstone of our economy. The Bureau of Economic Analysis says that the housing market accounts for nearly 15 percent of our gross domestic product. It impacts many aspects of both our local and national economies, including construction and manufacturing. Homeowners also tend to spend more money on both goods and services, which also boosts the economy.