8 reasons we are thankful for our homes
November 3, 2023
- Homeownership is the number one component of the American Dream, according to surveys.
- Homeowners have a median net worth 40 times higher than the net worth of renters.
- Homeownership provides both an investment and shelter.
- Homeownership contributes to financial predictability.
When people gather for the Thanksgiving holiday, it’s common to take a few minutes to talk about what you’re grateful for before digging into the traditional meal. While it’s natural to be thankful for your health, your family and your friends, many people are also thankful for the home they own. The Thanksgiving holiday celebrates a sense of community and appreciation for the people and places we love.
For real estate agents, Thanksgiving can be a perfect time to share your gratitude for your clients and for your neighbors — and remind them what makes everyone appreciate the emotional and financial value of homeownership.
8 reasons we love our homes
When Dorothy says “There’s no place like home” in the Wizard of Oz movie, pretty much everyone agrees. Sharing your love of home with your clients provides a strong emotional connection with them. Consider these reasons why so many people love their homes:
- Homeownership is part of the American Dream. The aspiration for homeownership is nearly universal, with 94% of respondents to a 2023 LendingTree survey saying that it’s part of the American Dream — and 84% saying it’s part of their American Dream.
- Homeownership is a symbol of prosperity. In addition to being a key element of the American Dream, owning a home ranks as the top indicator of economic stability, according to a recent survey by Bankrate. Respondents to the survey ranked homeownership above a comfortable retirement, a successful career, owning a car or truck, having children, and a college degree as a signifier that someone achieved the American Dream.
- Homeowners build wealth faster than renters. The median household net worth of homeowners is 40 times the median household net worth of renters, and homeowners are more than twice as likely as renters to say they feel financially stable, according to a recent survey by Credit Karma. The survey found that 81% of homeowners have a positive net worth, compared to just 52% of renters. In addition, 72% of homeowner respondents have “prime-plus” credit scores of more than 719, compared to 37% of renters.
- Investing in a home provides more than just financial gain. When you own a home, your equity increases as you pay off the mortgage and as market values rise over time. But, unlike owning a stock or a bond, a home also provides you with a place to live. The money you spend on shelter just comes with the extra bonus of a profitable investment.
- Homeownership provides financial predictability. While so many things in life are unpredictable, a fixed-rate mortgage gives you the certainty that your principal and interest payments will always be the same. No need to worry about rising rent.
- Owning a home offers tax benefits not available to renters. Homeowners have access to tax deductions for their mortgage interest, property taxes and private mortgage insurance in many instances. Renters don’t have the opportunity to earn a tax break for their housing expenses.
- Homeowners feel secure and sheltered. Renters always live with the uncertainty that their rent will increase, or the landlord will sell their property and they’ll need to find a new place to live. Homeowners can feel safe knowing that the place where they’re building memories and finding respite from the outside world will be theirs if they want.
- Homeowners appreciate the freedom of controlling their property. Nearly one-fourth of buyers (22%) said that owning their own home is the prime reason to buy a house, but for first-time homebuyers, that percentage jumps to 62%, according to the 2022 National Association of Realtors Profile of Buyers and Sellers. Whether it’s painting rooms a color you love, decorating however you want or making improvements to your taste, the key is that homeowners have the power to make their own choices about everything in their residence.
While you’re likely to feel grateful for your home, your clients deserve some appreciation, too. One way to show your clients how thankful you are for them is to make sure they protect their most important place with a Cinch home warranty.