- Homeowners are happier and healthier and enjoy a greater feeling of control over their lives.
- Owning a home is one of the best ways to build long-term wealth. Historically, a homeowner’s net worth has ranged from 31 to 46 times that of a renter.
- Home owners are free to redecorate, renovate, and modify their homes as they wish.
- Most home owners enjoy stable housing costs — a fixed-rate mortgage payment might not change for 15 to 30 years while rent typically increases 3 percent a year.
- Homeowners can typically deduct mortgage interest and property taxes on their federal individual income tax return.
To communities
- People who own homes vote more, volunteer more and contribute more to their neighborhoods.
- Homeowners do not move as frequently as renters, providing more neighborhood stability. In turn, this stability helps reduce crime and supports neighborhood upkeep.
- Children of homeowners do better in school, stay in school longer, are more likely to participate in organized activities and spend less time in front of the television.
To the United States
- 67 percent of American households are owner-occupied. America is a nation of home owners.
- Homeowners pay 80 to 90 percent of federal individual income taxes, contributing to federal programs that benefit all Americans.
- Every home purchased pumps $60,000 into the economy for furniture, home improvements, and related items.
- Housing accounts for more than 15 percent of the national Gross Domestic Product, a key driver of our national economy.
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