Yes, the American dream of homeownership is alive and well and continues even during rising interest rates. In fact, the 2022 Consumer Insights Report from Mynd found the majority of those polled still view homeownership as an important goal and ultimate achievement. Here are the reason why so many Americans still believe.

The Financial Benefits of Owning Your Home

The obvious reason homeownership is a lifetime goal is because owning a home is an important wealth-building tool, and can provide financial stability over renting by locking in your monthly housing payments for the length of the mortgage loan. This Forbes article explains:

“Understanding the potential benefits of homeownership helps individuals see the value of owning property instead of renting. . . . household wealth among homeowners is a whopping 1,469% higher on average compared to renters, excluding home equity, making the allure of homeownership even more enticing.”

Owning your home not only helps boost overall net worth, but also sets your future generations up for success as you pass that wealth down. That may be why the Mynd report also says:

“Most Americans (78%) still associate homeownership with the ‘American dream.’ And nearly two-thirds of Americans (65%) see homeownership as a means of building intergenerational wealth.”

Homeownership Non-Financial Benefits

I tell all my clients that homeownerships true value is how it makes you feel everyday you walk in from a long days work. As Mark Fleming, Chief Economist for First American, says:

“. . . buying a home is not just a financial decision. It’s also a lifestyle decision.”

Your home provides feelings of responsibility, achievement and so much more. 3by30 highlights the top 10 benefits which includes a few non-financial advantages include:

• Provides more freedom and control over your living space

• Gives a greater sense of pride

• Helps with community engagement

The Benefits to You?

If the American Dream involves greater freedom and prosperity, then you can leverage homeownership to achieve that dream. It may feel challenging to buy a home in Northern VA today as mortgage rates and home prices rise, there are significant benefits to you later in this journey. You’ll have a place you can grow your wealth, call your own, and feel most comfortable.

Keep in mind he National Association of Realtors (NAR) says:

“. . . research has consistently shown that homeownership is also associated with multiple economic and social benefits to individual homeowners. Homeownership has always been an important way to build wealth.”

Bottom Line

Buying a home in Northern VA is the first big step in creating your future wealth, and sense of achievement. The J Group would love the opportunity to discuss if now is the time for you to make your move.