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October 5, 2022

the benefits of homeownership

By Kevin Donaldson

According to the United States Census Bureau, there are over 140 million household units in the U.S., which is a little less than half of the country’s population of 330 million. There is also a homeownership rate of 65.8%, and the national average price for a home has climbed 29% since the start of the COVID-19 pandemic, to over $340,000 at the beginning of 2022.

Several decades ago, owning a home used to be the norm for most people in the United States. However, it has become increasingly difficult over time due to things like inflation, housing market collapses, and more. Today, owning a home simply isn’t feasible for some Americans, even though it comes with many advantages. In this article, we’ll share some of the main benefits of homeownership and why the people who make homeownership possible are so important.

the benefits of owning a home

Owning a home is no easy task, as it requires a lot of work and care. That’s one of the reasons many people choose to rent throughout their lives. However, homeownership offers many unique advantages that are truly irreplaceable once you’ve experienced them. Here are some of the main benefits of homeownership:

Independence – One of the benefits of owning a new home is that you gain independence. This is because you no longer have a landlord or other tenants to worry about. You have your own property and can decide to do with it as you see fit, and that provides freedom. 

That means you can landscape, plant a garden, decorate, paint, renovate, and do anything else that your heart desires. You can come and go when you please without having to worry about disturbing others, host events whenever you like, get pets, and do anything else that may be restricted in rental situations. You are free to live your life how you want.

Safety and Stability – Homeownership also provides safety and stability since you have your own space that is always there for you. Owning a home gives you somewhere secure for you and your family to live and grow. You can also anticipate what you will be paying in mortgage payments far into the future, so you receive stability knowing how much money you will be paying each month. Additionally, you don’t have to worry about rent increases, rental company switches, troublesome tenants, or having your home sold by a landlord once the lease is up.

Cost – Another benefit of owning a home is that it can be cheaper than paying rent in the long term. This will depend on housing costs in your particular area, your loan rate, if you plan to renovate, whether you replace any appliances, and more. Your home is also an investment and you can build equity in it, which can work like a long-term savings account. This can provide you with financial stability in the future, whereas all of your money spent on rent is simply paying for your current living situation and does not work as a future investment.

Tax Benefits – There are also tax benefits of owning a home, which is something that renters don’t get. Some of these benefits come from itemizing deductions like property taxes and mortgage interest, while others like mortgage credit certificates and the home office deduction can help homeowners who don’t itemize. The various tax benefits that are available to you as a homeowner will depend on your specific situation and your tax bracket, but taking advantage of these benefits when they are available is incredibly useful to homeowners.

Community – Owning a home also provides you the opportunity to become part of a real community. This is a place where you can meet your neighbors, let your kids play, form friendships, help one another, and always be there for each other. This is something that simply isn’t possible in most rental situations, where you are either in an apartment complex or know you will be moving from a neighborhood at some point.

A Place To Settle Down – Finally, a major benefit of owning a home is a combination of several of the other benefits previously mentioned, as it gives you a stable, secure, and permanent spot to settle down and build a life. This allows you to put your roots down in a way that is impossible when you rent. As long as you want to continue staying there, you will be able to. This will be where you start a family, where your kids grow up, where your friends and family gather, and where you spend most of your life with the ones who matter most.

As you can see, there are many benefits of home ownership. However, in order for individuals to become new homeowners, there need to be enough homes for them to own. While there are always new homes being built and old ones up for sale, not everyone can afford to own a home on their own. That’s why so many people end up renting for the majority of their lifetime and never get the opportunity to experience the benefits of being a homeowner.

At Habitat for Humanity of the Charlotte Region, we understand the benefits of homeownership because we work every day to make them a reality for many different families. However, we rely on our donors and volunteers to make our work possible. They are the ones who provide the benefits of homeownership to the individuals we serve by contributing to our programs. Some of the main ways they do this involve providing the land that we build on, donating money to cover the costs of home construction, and volunteering their time to build the homes. Without them, there wouldn’t be homes for families to build a life in.

Through faith, innovation, and passion—and thanks to the support of countless community partners, volunteers, donors, and advocates—Habitat Charlotte Region has made a significant impact in Charlotte and the surrounding area since its founding.

We envision a world where everyone has a decent place to live, and have served over 3,500 families as we work to make that goal a reality. We seek to put God’s love into action by bringing people together to build homes, communities, and hope. We are committed to serving the community while recognizing that change and adaptability are key to intensifying our impact.

Habitat Charlotte Region welcomes volunteers, supporters, and potential homeowners from all backgrounds. You can help us make a difference in the lives of others in the community by signing up to volunteer with us today! You can also get involved by supporting our work with a donation, learning more about us, or even exploring our Homebuyer Program!

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