Here’s Why Homeownership is still the American Dream

Do Americans still dream of attaining home ownership in the year 2022? According to the 2022 Mynd Consumer Insights Report, people still consider homeownership as an important milestone to hit in life.

If you feel the same way, contact us at Reliance Financial Group to get a step closer to obtaining the house of your dreams. Read on to know why many still consider homeownership a key part of the American dream.

Financial Advantages of Owning a Home

One of the many reasons why owning a home is held in high regard is because a house is a fantastic tool for building wealth; it gives you financial stability by locking in your monthly housing costs for the term of your home mortgage.

Homeownership is usually associated with wealth building since people who own houses have a higher net worth to the tune of 1,469% more than those who rent (excluding home equity). That percentage alone is one of the many reasons why people find homeownership attractive.

Plus, homeownership continues to increase an individual’s net worth, and it helps set up success for your children and grandchildren when they inherit your wealth.

According to Mynd:

“Most Americans (65%) see homeownership as a means of building intergenerational wealth.”

If you want to get closer to buying a home, apply for a Michigan home loan from Reliance Financial Group.

Other Advantages of Homeownership

Besides the financial advantages of homeownership, owning a home also has an emotional and social impact. As stated by many realtors, ”it’s not just a purchase; owning a home is a lifestyle.”

It gives you a sense of accomplishment and responsibility. Here are other benefits of having a house of your own:

  • It evokes a feeling of stability.
  • You have more freedom and can do whatever you want with your living space.
  • Homeownership gives you a sense of responsibility for your neighborhood.
  • Homeownership can boost your credit history over time as long as you consistently make monthly mortgage payments.

What Homeownership Boils Down to

If you still hold true that the American Dream is about prosperity and freedom, then owning a home will play a huge part in helping you reach that dream. Due to the current state of the market, it might be hard to purchase a home, but there is an affordable way to make this dream reality. 

Reliance Financial Group Makes Homeownership Attainable

Purchasing your first house is a big decision and a crucial part of the American dream. If you want to make your dream of owning a house reality, contact a Michigan mortgage broker from Reliance Financial Group to apply for a home loan.

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.