Hamilton Herald Masthead

Editorial


Front Page - Friday, June 14, 2024

Homeownership month focuses on benefits




June is National Homeownership Month, a time dedicated to celebrating the many benefits of homeownership and emphasizing the importance of making it accessible for all Americans. Homeownership is more than just a financial investment; it’s a cornerstone of building stable, thriving communities.

Owning a home is one of the most significant steps individuals can take toward building generational wealth. It’s not merely about financial gain; it’s also about creating a stable environment where families can grow, thrive and make lasting memories. Homeownership offers a sense of security and belonging that renting cannot match.

By investing in their home, individuals are investing in their communities. Homeowners are more likely to engage in local activities, support neighborhood improvements, and contribute to the overall well-being of their communities.

This sense of community pride and responsibility is a critical aspect of what makes homeownership so valuable.

The National Association of Realtors plays an essential role in guiding consumers through the complex homeownership journey. Realtors are more than just real estate professionals; they’re trusted advisers committed to helping individuals make informed decisions about one of their most significant financial commitments.

Locally, Greater Chattanooga Realtors’ partnerships with organizations like Habitat for Humanity of Greater Chattanooga Area exemplify their commitment to enhancing homeownership opportunities and community support. Habitat for Humanity builds affordable homes, allowing families to own their residences.

Whether locally or nationally, advocating for homeownership is top of mind for Realtors. This past year, Realtors have supported bipartisan legislation that addresses housing affordability by adding to the housing supply. Last month, we succeeded in getting lawmakers to allow veterans to utilize the services of a real estate professional when using a VA loan.

The economic benefits of homeownership extend far beyond the individual homeowner. In Tennessee, the NAR reports that the real estate industry contributed $82.5 billion, or 15.85% of the gross state product in 2023. This equates to approximately $118,500 per home, demonstrating the extensive economic ripple effect of home purchases.

Every home sold supports jobs and generates economic activity across numerous sectors, underscoring the critical role of homeownership in the state’s economy.

One of the most common misconceptions about homeownership is that it requires an exorbitant down payment. In reality, the initial costs can be comparable to the deposit for a rental property. Moreover, owning a home allows individuals to build equity – a financial asset that can grow over time and provide a stable foundation for future financial endeavors.

While current interest rates are 6.94%, it’s crucial to recognize that renters effectively pay 100% interest with no return on their monthly payments. Homeownership offers a way to hedge against inflation, as mortgage payments remain stable and other costs rise.

Furthermore, the long-term financial benefits of owning a home typically outweigh the initial investment, especially as home values appreciate.

Everyone is encouraged to consider the profound benefits of homeownership, not only as an investment in their future but also as a means to contribute positively to their community. Those ready to embark on this journey should contact a Realtor. Realtors possess the expertise and resources to guide homebuyers through the process, ensuring they make the best decisions for their circumstances.

As we celebrate National Homeownership Month, let’s reflect on the importance of homeownership in fostering personal and community growth. Homeownership is more than owning property; it’s about building a future filled with security, stability and prosperity.

Contacting a Realtor is the first step toward realizing the American Dream of homeownership. Together, stronger, more vibrant communities can be created for future generations. That’s Who We R.