Advantages of Home-Ownership

Several years ago, a Times cover entitled "Rethinking Homeownership" detailed the disadvantages of owning a home during these very tumultuous economic times. In contrast, the NAR (National Association of Realtors) survey, chose to focus on all the social benefits that have traditionally been attached to homeownership. In all likelihood, homeownership is "not a goal that should be pursued by everyone at all costs" but historically, the leaders of our country saw it as the path to the "American Dream" and I still believe it's worth pursuing. Painting a room any color you wish is certainly a plus, Much more important, however, is that "homeowners tend to have more social ties than renters, as they have time to create lasting relationships, and are more involved in local politics and community happenings." A completely positive, domino-like, effect can only come out of greater social ties. You need to feel like part of a community in order to be happy there and successfully raise a family. When you've lived in one place your whole life, it becomes a part of who you are. You have roots there. In time, your children will grow up, and perhaps they'll move away during the years they're pursuing their education and are enjoying a single lifestyle. However, to a town they know so well and that means to much, when the time comes to marry and to start a family, they will often come back. There's something to be said for the continuity of any family name in a community. It's a good feeling to hear "I knew you when..." Finally, I always considered homeownership a type of forced savings. When it's time to sell your property, the equity will be there waiting for you. The money is not lost.

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