The Benefits of Owning a Home - NAR Public Service Campaign

Benefits of Owning a Home

January 18, 2008
The National Association of Realtors (NAR) is reaching out to consumers with the facts about homeownership and the value of real estate as a long-term investment. Would-be home owners who are uncertain about their home buying plans can learn more about the options available to them and the long-term benefits of owning a home through a new advertising campaign that will provide current, relevant housing data to help them make informed decisions about buying a home.

Over the past 30 years, home values have risen more than 6% annually.
On average, the value of a home nearly doubles every 10 years.
The average homeowner's net worth is $171,000 -- nearly 46 times that of a renter!

That's right...over the past 30 years, the median price of existing homes has increased an average of more than 6 percent every year, and home values nearly double every 10 years, according to historical data from NAR’s existing-home sales series. What's more, a Federal Reserve study has shown that the average home owner's net worth is 46 times the net worth of the average renter.

Despite this and other research, some potential homebuyers are being kept on the sidelines as they react to national media reports about the housing market. “Nobody buys a home in the national real estate market,” says NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “All real estate markets are local. ... It’s also advisable to look beyond the immediate horizon — real estate has proven itself to be a good long-term investment and a safe, secure way to build long-term wealth.” Give Them the Facts According to NAR’s most recent forecast, existing-home sales are likely to total 5.66 million in 2007, the fifth highest on record, rising to 5.7 million in 2008 and 5.91 million in 2009. Existing-home prices are likely to be down 1.9 percent to a median of $217,600 for all of 2007 which is good news for buyers; prices are expected to hold steady in 2008, and then rise 3.1 percent in 2009 to $224,400.

The campaign includes a new Web site, www.HousingMarketFacts.com, which provides more information about the benefits and value of owning a home, identifies current public policy issues of importance to consumers in the real estate transaction, and allows visitors to link directly to www.REALTOR.com to find a REALTOR®. The ads are part of NAR’s Public Awareness Campaign.

In a nutshell, there are Six Benefits of Owning a Home

Tax deductions; Appreciation; Equity; Borrowing Power; Stability; Freedom

If you would like to sit down for coffee and discuss and of these benefits in greater detail, simply contact our sponsoring Denver Realtor anytime at 303-520-3179.