Buying a a home is typically the largest single investment a person or family will make. According to the U.S. Census Bureau, the homeownership rate is at 63.5%. Zillow reports there are 6,313 homes for sale in Yavapai County.
There are many benefits to owning your own home. Forbes focuses on the financial benefits of home ownership:
- Homeownership builds wealth over time
- You build equity every month
- You reap mortgage tax deduction benefits
- You can receive tax deductions on home equity lines of credit
- You get a capital gains exclusion
- A mortgage is like a forced savings plan
- Long term, buying is cheaper than renting
But there are also social and community benefits to owning your own home. Homeownership contributes to stable communities, improved educational opportunities and even higher levels of self-esteem and happiness, according to several studies. Homeowners are more highly motivated to deter crime, and to maintain their property. Homeownership adds to the cohesiveness of a community.
A home is more than simply a shelter, it is a sanctuary, a safe place. It may begin with four walls, but it expands with memories, toys and food. It is warmth for the winter, and a refreshing coolness in the summer heat.
As Dorothy said in the Wizard of Oz, "There's no place like home."