Homeownership, 101

 

Home Sweet Home   Homeownership, 101 Historically, homeownership has been considered a cornerstone of the American Dream. Today, about 65% of American households own a home, and roughly 5% own more than one. Homeowners view these residences as not only a place to live, but also a path to building substantial wealth. Centuries ago, homeownership became more common as political systems evolved to allow individuals, rather than governments, to own land. In the US, the number of homeowners increased as mortgages became more accessible: Roughly 74% of today’s US homeowners used a mortgage to finance their home. Real estate makes up roughly half of the typical American homeowner’s household net worth. The financial benefits of homeownership include diversifying one’s financial portfolio while protecting it from inflation, building equity, and more. The numerous costs associated with homeownership are often cited in the ongoing debate over whether renting or owning makes more financial sense, including homeowners insurance, property taxes, and budgeting for maintenance and repairs. ... Read our full explainer on homeownership here. Also, check out ...  > The vast majority of homeowners feel that they've made a good investment. (Read) > See a guide to home buying. (Read) > Is it better to rent or buy? (Calculate) > The income needed to buy a home in each state. (Explore) Remember, you're not alone with NCOFCU.org Join/Upgrade Check out some of NCOFCU's additional features: First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Blog Job Board