National Homeownership Month, By the Numbers
June 21, 2021
General Real Estate
Each June, people here in Chicagoland and across the country observe National Homeownership Month, an opportunity to celebrate all that our homes mean for us and to look for ways to create opportunities for new homeowners.
This annual celebration has taken on even greater meaning after the events of this past year. Buying or selling a home is a personal, emotional, life-changing experience — and with everything we experienced in 2020, the idea of home and its purpose has never been more important. Whether it has served as a school, office, playground, or simply a safe space, we know that a home is about so much more than just four walls.
In good times and in bad, our homes are spaces where we can find comfort, stability, and peace of mind. The number of homeowners who feel "emotionally attached" to their home increased from 58 percent to 70 percent amidst the pandemic, according to The State of the American Homeowner 2021 Report, conducted by Unison. According to this same report, 91 percent of homeowners say that they feel "secure, stable or successful owning a home."
Similarly, many homeowners and buyers cite deeply personal reasons for choosing ownership in Fannie Mae's National Housing Survey Q4 2020. According to the survey, 87 percent of consumers believe that owning a home is important to "living the good life," with a majority of respondents saying that owning is better than renting for having control over what you do with your living space (91 percent), having a sense of privacy and security (90 percent), and having a good place for your family or to raise children (89 percent).
Owning a home also offers significant financial opportunities, including the ability to build equity — which can be used to help achieve any number of financial goals, including financing retirement. In Fannie Mae's National Housing Survey, 88 percent of respondents said that one of the top financial benefits of owning a home is the ability to save for retirement, followed by contributing to a solid investment plan (87 percent). Survey research from Unison found that 89 percent of retired homeowners were "confident in money/assets saved by the time they were retired," and nearly half (47 percent) say that owning a home is a big financial asset that makes them feel secure.
Americans have consistently ranked homeownership as one of the best ways to build long-term wealth; in an annual survey by Gallup, Americans have ranked owning a home as the best long-term investment for eight straight years, placing it above stocks, gold, savings accounts, and bonds. In the most recent survey, 41 percent chose real estate as the best investment — up from 35 percent the year prior.
Homeownership is also a powerful force for building community and helping to drive the local and national economy. Residential housing market activity makes up a large share of the country's gross domestic product (GDP) each year. The 2011 American Attitudes on Homeownership Report found that a large majority of Americans believe that homeownership helps strengthen communities, with homeowners far more likely than renters to say that they feel "very or extremely connected to their community." And a significant majority of Americans say that owning a home is "part of their American dream," according to 2019 data from the National Association of REALTORS® — including nearly nine in ten current homeowners and three in four non-homeowners.
When Home Means More, You Need a Team With More to Offer
Here at Baird & Warner, we've always focused on what was best for our clients and our Chicagoland community. Finding easier ways to turn the American dream of homeownership into reality has been part of our DNA from the start. It also guides us into the future. Chicagoland is our home. We believe we help make it better when we give its residents the pride and security that comes with owning their home. Our mission is bigger than shelter — it's about strengthening communities as a whole, so the people who live there can lead healthy, safe and prosperous lives. That's why we approach giving back in three tiers: as individuals, as offices and as a company. At the company level, our focus is strengthening communities and helping people achieve independence and prosperity through homeownership, and we do that through companywide volunteer events and partnerships with local organizations that work in housing, shelter and community, financial empowerment, fair housing, and racial equity. And for homebuyers, our mantra is "let's make this easier" — from the day you envision your next home to the day you're handed the keys. Our agents are hyperlocal experts who are ready to be your trusted guide to all things real estate at every step of the way, from finding the perfect home to connecting you with local experts in mortgage and title. Whether it's the beginning of a story or the end of a chapter, we're here to help.Tags:
