All throughout my special Fall Market, I’ve walked you through the whole process of searching for a home, making the offer, moving in and more. And it’s been an exciting time. And along the way, we’ve tried to answer many of your questions – about buying and selling a home.
But as we wrap up the series, instead of answering a question, we wanted to ask one almost as trivia.
Something you might not think about, when you hear that millions of people buy homes every year, in America.
And the question is:
Why do people want to buy a home…that they actually own? What’s in their hearts and minds?
Why do so many people scrimp and save, and ‘do without’ for years, just to get enough for a down payment?
And why do so many people call Home Ownership the ‘American Dream?’
The NATIONAL ASSOCIATION OF REALTORS® surveyed home buyers and sellers to find out the main motivations for buying.
The biggest motivation: Simply, the desire to own a home of your own. To have a space that is yours, to make your own, and call home.
Nearly a third of all home buyers cite this as a reason to purchase a home, particularly among first time home buyers. 60% of first-time home buyers cite the desire to own a home of their own as the primary motivation for buying.
Other popular reasons cited for buying a home:
-The desire for a larger home
-A job-related relocation or move
-A change in family situation
-A desire to be closer to family, friends and relatives. …and check this out: For buyers 65 and older, this was the primary reason identified for purchasing a home.
Other motivators for buying now is because home buyers felt like the timing was right. Low mortgage rates are keeping home affordability high, and of course FUTURE EQUITY AND TAX BENEFITS.
If you’re a home owner, what was your main motivation? What drew you to home ownership?
Research has long pointed to some non-tangible benefits of home ownership: Home ownership has long been linked to more connected families, improved health and safety, stronger communities with actively involved residents, better neighborhoods, lower crime … even higher levels of personal self-esteem and happiness.
Studies have also shown that home ownership, over the long-term, leads to greater personal wealth too. On average, a home owner’s net worth is 45.9x more than a renter’s, according to data from the Federal Reserve Board.
Home ownership has deep roots within our country, and there are countless reasons why Americans have this strong desire to buy and own a home.
And as we leave you now, we’d like to mention what Laura Ingalls Wilder said once. You know her as the author of the Little House on the Prairie series. Someone who truly appreciated everything that the family house meant, to Americans. As she put it:
“Home, is the nicest word there is.’