Homeownership has long been an enduring component of the American Dream. But it’s not always easy.
In the past two years, as low mortgage rates fueled an unprecedented frenzy to own, many homeowners were tempted into buying homes they later regretted. They said they felt trapped by rising housing costs and had little leverage against landlords or sellers.
1. They are part of the American Dream
Despite the rise of housing costs and mortgage rates, many Americans continue to see homeownership as a key life achievement. In fact, a recent consumer survey found that 91 percent of homeowners believe that owning a home is a part of the American Dream.
This is a strong belief that is shared by every generation. It is part of the American ethos, which reflects a belief that any person can live in a country where they are able to pursue their own goals and aspirations, no matter what their ethnicity, religion or gender may be.
As part of the American Dream, individuals seek to achieve economic security and well-being. This includes a successful career, having a family, owning a home, and being able to retire comfortably.
2. They have more equity in their homes
Even though home prices have cooled in recent months, many homeowners continue to build up their equity positions. This is an important sign of strength and stability in the housing market, said Attom Data Solutions chief product officer Todd Teta.
In fact, many homes are now considered “equity rich” — meaning the amount they owe on their mortgage is no more than half of the home’s market value. This level has increased by 12 percentage points from the previous year, according to a new report.
The number of equity-rich properties grew to 42% of all residential property with an underlying mortgage by the end of 2021, up from 30% a year earlier. The West and South continued to lead the way with the highest percentages of equity-rich properties, according to ATTOM Data Solutions.
3. They have more control over their finances
Many homeowners have a great deal more control over their finances than renters. This can be in part because they have a fixed mortgage payment, which can help them make more informed decisions about their spending and save for major expenses. They can also create a budget and use it to keep track of their spending and debt. This knowledge can help them set financial goals and avoid getting into debt in the future. It can also be a great opportunity for them to teach their children about the importance of saving and managing their money. They may also be more involved in their community, bringing greater stability to the area and contributing to its growth.
4. They have more flexibility in their lives
Many homeowners have more flexibility in their lives than people who don’t own homes. They can take a vacation when they want, travel to different places to see family and friends, or go to a new job without worrying about their home. In addition, they can move to a different home when they sell one and buy a new one when they need it.
As a result, they are happier and healthier. They also have a greater sense of purpose in their lives. Moreover, they are more ethical and principled in their actions. They also show more integrity and live more happily with their loved ones.