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While owning a home provides financial benefits, the feelings of appreciation, safety, pride, and comfort we receive are often overlooked. That sentiment has never been stronger than this year. We have lived through a time that has redefined our lives and our needs, and as a result, homeownership has a totally new meaning for many of us.
Unison’s State of the American Homeowner report for 2021 finds:
“Last year, staying home became a necessity, which caused many homeowners to have renewed gratitude for the roof over their head.”
Our nation continues to grapple with the challenges presented by a pandemic that has pushed us to our limits. We’ve spent more time at home than ever: working, eating, going to school, exercising, and so on. Our world began to change almost overnight, and our homes evolved accordingly. As our needs changed, we began to rely on shelters for protection on a whole new level. Unison notes the following:
- 91% of homeowners say they feel secure, stable, or successful owning a home
- 64% of American homeowners say living through a pandemic has made their home more important to them than ever
- 83% of homeowners say their home has kept them safe during the COVID-19 pandemic
In addition, it should come as no surprise that homeowners have become more emotionally attached to their homes as well:
This crisis has taught us that homeownership can provide the security and safety we need during uncertain times. Having a sense of comfort and emotional stability goes well beyond the financial aspect of homeownership. CT Homes, LLC’s President, JD Esajian, says:
“Aside from the financial factors, there are several social benefits of homeownership and stable housing to consider. It has long been thought that buying a home contributes to a sense of accomplishment. Still, most individuals fail to realize that homeownership can benefit your mental health and the community around you.”
Take a moment to consider what Mark Fleming, Chief Economist at First American, notes whether you’re buying your first home, moving to the house of your dreams, or downsizing:
“Buying a home is not just a financial decision. It’s also a lifestyle decision.”
Bottom Line
It’s not just about the money when you’re considering buying a home. Make sure you consider the non-financial benefits because they could change your life.
