According to NAR, approximately 75 million Americans own their homes. This means 66 percent of American households are owner-occupied. We are a nation of homeowners, and homeownership is the foundation of the American Dream. NAR provided the following facts as we visited Congress this year:
- Homeowners are happier and healthier and enjoy a greater feeling of control over their lives.
- Owning a home is one of the best ways to build long-term wealth. Historically, a homeowner’s net worth has ranged from 31 to 46 times that of a renter.
- Most homeowners enjoy stable housing costs. A fixed-rate mortgage payment may not change for 15 to 30 years while rent typically increases 3 percent a year.
- Homeowners can typically deduct mortgage interest and property taxes on their income returns.
- Homeowners vote, volunteer, and contribute more to their neighborhoods.
- The stability that homeowners provide reduces crime and supports neighborhood upkeep.
- Children of homeowners stay in school longer and do better in school. They are also more likely to participate in organized activities and spend less time in front of the television.
- Homeowners pay 80 to 90 percent of federal individual income taxes. All Americans benefit from the programs supported by federal individual income taxes.
- Every home purchase pumps up to $50,000 into the economy over time.
- Housing accounts for more than 15 percent of the national Gross Domestic Product. Housing is a key driver of our national economy.
- Homeownership helps support and create American jobs. For every two homes sold, one job is created. That’s 2.5 million American jobs in an average year of home sales.