Buy a Home
Home Ownership Benefits Individuals, Communities and the Nation
The benefits of homeownership are plentiful, but they reach beyond just financial benefits. Homeownership has powerful social and economic benefits as well - for our families, our communities and our country.
Financially, homeownership provides Americans with the biggest tax break on the books, the deductibility of mortgage interest and property taxes. A home is also a stable investment that appreciates in value over time, increasing a home owner's borrowing power and allowing them to build equity and a nest egg for retirement. Economically, construction employs 7.3 million people and housing activity accounts for 16 percent of the GDP. Socially, homeownership is associated with better educational opportunities, lower teen-age pregnancy rates and higher lifetime annual incomes.
"Housing makes a significant contribution to our national economy, and it's important that we celebrate and recognize that contribution this month," said David Pressly, president of the National Association of Home Builders and a home builder from Statesville, N.C. "But, despite that, not all Americans have an opportunity to share in the dream of homeownership, and our members strive to make homeownership a reality for hard-working Americans every day."
Today, nearly 70 percent of American families own their own home, up from 62 percent in 1960. During that time, the population has grown by more than 119 million people and the median price of a new home has increased from $18,000 to $240,000.
Even with this period of financial recovery and recent low interest rates, millions of people are finding it difficult to buy an affordable home in the communities where they work. Our nation's teachers, firefighters, police officers, nurses and other middle-income individuals provide the essential services we depend on, and yet cannot afford to own a home where they work.
The Master Builders Association works hard to make affordable workforce housing a reality across the country and a priority for our area's local and state leadership so that the benefits of homeownership can be reaped by all. Nationwide, in the next decade alone, home builders will need to construct about 1.8 million new homes and apartment units each year. Restrictive policies and legislation hamper this growth, adding to the rising cost of housing. Communities need to come together for a collective solution that promotes builder investment and policies that advance affordable housing for all of their citizens.