The Dream of Homeownership Is Worth the Effort

If you’re in the market to buy a home this season, stick with it. Homebuyers face challenges in any market, and today’s is no exception. But if you persevere, your decision to purchase a home will be worth the effort in the end. In fact, a [recent survey](https://www.bankrate.com/mortgages/homeownership-remains-centerpiece-of-american-dream/#homeownership) from _Bankrate_ shows homeownership is so powerful that: > _“**Nearly three in four homeowners say they would still buy their current home if they had it to do [sic] all over again**.”_ That means the results – owning a home and the [benefits](https://www.simplifyingthemarket.com/2022/03/22/the-many-benefits-of-homeownership/?a=550432-7d0dd2250a392515b4ab3273bfa644ce) that come with it – outweigh the effort needed to achieve their goal. If you’re a homebuyer, let that provide you with the confidence to know the work you’re putting in today will pay off for years to come. Here are a few reasons to stick with your search and focus on the outcome. #### **Homeownership Contributes Significantly to Your Financial Well-Being** The [_National Association of Realtors_](https://magazine.realtor/sales-and-marketing/handouts-for-customers/for-buyers/7-reasons-to-own-a-home) (NAR) lists several motivations to consider if you’re thinking about [buying a home](https://www.simplifyingthemarket.com/2022/03/16/are-you-wondering-if-this-is-the-year-to-buy-a-home/?a=550432-7d0dd2250a392515b4ab3273bfa644ce). One of the top financial reasons is the [equity](https://www.simplifyingthemarket.com/2022/03/21/the-average-homeowner-gained-more-than-55k-in-equity-over-the-past-year/?a=550432-7d0dd2250a392515b4ab3273bfa644ce) you build. As NAR says: > _“Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity . . . **Building equity in your home is a ready-made savings plan.”**_ Your equity is a powerful tool you can [leverage](https://www.simplifyingthemarket.com/2021/11/22/4-ways-homeowners-can-use-their-equity/?a=550432-7d0dd2250a392515b4ab3273bfa644ce) in a number of ways. And with recent home [price appreciation](https://www.simplifyingthemarket.com/2022/04/07/the-future-of-home-price-appreciation-and-what-it-means-for-you/?a=550432-7d0dd2250a392515b4ab3273bfa644ce), homeowners are seeing record levels of equity today. That may be one reason why so many people view owning a home as a [great investment](https://www.simplifyingthemarket.com/2022/02/21/real-estate-voted-the-best-investment-eight-years-in-a-row/?a=550432-7d0dd2250a392515b4ab3273bfa644ce) and a top indicator of [financial well-being](https://www.simplifyingthemarket.com/2022/03/28/a-key-to-building-wealth-is-homeownership/?a=550432-7d0dd2250a392515b4ab3273bfa644ce). As the survey from _Bankrate_ mentioned above shows: > _“. . . **Americans place a higher value on homeownership than on any other indicator of economic stability**, . . .”_ Owning a home ranks above other major accomplishments like retirement, having a successful career, and getting a college degree. **That indicates just how impactful the financial benefits of homeownership truly are.** #### **The Emotional Benefits of Owning a Home Are Powerful** Of course, [homeownership](https://www.simplifyingthemarket.com/2022/02/14/are-you-ready-to-fall-in-love-with-homeownership/?a=550432-7d0dd2250a392515b4ab3273bfa644ce) is more than an investment. In their list of top reasons to buy a home, NAR also highlights some of the powerful, [non-financial](https://www.simplifyingthemarket.com/2022/02/01/why-a-move-could-bring-you-more-happiness-this-year/?a=550432-7d0dd2250a392515b4ab3273bfa644ce) aspects of homeownership. Among them is the opportunity to customize your home to reflect your personality and needs. As they say: _“The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.”_ Another benefit homeowners enjoy is the stability it provides. Homeowners typically stay put longer than renters. According to NAR, when you remain in one place longer than a few years, you can grow closer to your community. And that can enhance your sense of pride and lead to better relationships. #### **What Does That Mean for You?** The benefits of homeownership are powerful, as Leslie Rouda Smith, President of NAR, [says](https://www.nar.realtor/newsroom/nar-report-shows-share-of-millennial-home-buyers-continues-to-rise): > _“From building personal wealth and fostering communities, to strengthening social stability and driving the national economy, **the value of homeownership is indisputable.”**_ Even if you face challenges in today’s market, the payoff when you succeed and purchase a home will be worth it. ### **Bottom Line** If you’re planning to buy a home this year, there are incredible benefits waiting for you at the end of your journey. Let’s connect to discuss everything homeownership has to offer.