HOME OWNERSHIP REALLY DOES MATTER

As a real estate professional, I know that America is a nation of homeowners—67% of American households are owner-occupied. And housing is a key driver of our economy, accounting for 15% of our Gross Domestic Product in general. Research shows that for every home purchased, $60,000 is pumped into the economy for furniture, home improvements and related items. Plus homeowners pay 80-90% of individual federal income taxes, contributing to federal programs that benefit all Americans.

Yet some of our politicians question the value of homeownership and whether it is worthy of the tax benefits currently available. Some media reports even contend that changing federal policies and eliminating tax incentives that support homeownership, such as the Mortgage Interest Deduction, might even be in the public’s best interest.

For more than 100 years, REALTORS® have championed homeownership as a fundamental part of the American Dream. Now more than ever, we must stand up for homeownership. And with the help of the NATIONAL ASSOCIATION OF REALTORS®’ (NAR’s) I have pledged to spread the word about the value of homeownership to my clients, community and elected officials.

“There are some, mostly in academic circles and in the media, who have been questioning the value of homeownership and the importance of incentives for homeowners,” says Pamela Geurds Kabati, vice president of Public Affairs and Consumer Media. “They ask whether we wouldn’t be better off as a nation of renters. As an industry, we have to stand up and say, ‘Absolutely not.’ We need our voice to be loud and clear to influence the court of public opinion and policymakers. Homeownership provides homeowners, their communities, and our country with so many benefits.”

HOME OWNERSHIP MATTERS:

Homeownership has a significant, positive impact on net worth, educational achievement, civic participation and overall quality of life. Owning a home is one of the best ways to build long-term wealth. In the past 12 years, a typical homeowner’s net worth has been 31-46 times that of a renter. Plus, most homeowners enjoy stable housing costs. In fact, studies show that fixed rate mortgage payments typically stay the same, while rent has increased at an average rate of approximately 3% per year in the last 10 years.

The National Association fo Realtors believe that homeowners contribute more to their communities by voting and volunteering more. They do not move as frequently as renters, bringing stability to neighborhoods, which helps reduce crime and support upkeep.

And it has been shown that homeowners enjoy a better quality of life. They tend to be happier and healthier, and feel a greater sense of control over their lives. They are free to redecorate, renovate and modify their homes as they wish. And their children tend to do better in school and stay in school longer, according to a recent white paper by NAR titled “The Social Benefits of Home Ownership.”

To learn more about why Home Ownership Matters, visit www.REALTOR.org/homeownership where you’ll find everything you need to keep you current on the debate, including articles, stats and data, blog posts, videos, and webinars.

NAR will continue to fight to preserve this important institution through advocacy and outreach to lawmakers, consumers and the media. NAR will continue to lobby policymakers in Washington, DC, and its consumer website, www.Houselogic.com, will help reinforce the benefits of homeownership.

So spread the word. Because homeownership really does matter.