Motivation to Become a Homeowner
Home ownership is a dream for most of us, but it may not be for the same reasons. Each year, The Joint Center for Housing Studies at Harvard University conducts a survey to uncover the factors that are driving Americans to buy a home. Here are the top reasons provided by survey respondents.
Quality of family life and education
The top three factors listed by participants had to do with family life and education. These include – in order of importance – “having a good place to raise children and provide them with a good education,” “having a physical structure that makes you and your family feel safe,” and “having more space for family.” This is a good indicator of why prospective home buyers often seek out the best neighborhoods with the top school districts. People like to associate home with a feeling of comfort, and having a home that’s large enough for your family adds to that contentment.
Freedom of expression
The fourth most popular reason people gave for purchasing a home was that it provides “control over what you do with your living space, like renovations and updates.” This isn’t always possible or desirable when renting due to landlord restrictions and wanting to avoid putting significant effort and money into improving a space that you don’t own. In addition to personalizing your space, you may also want to have pets that are often not allowed in rental apartments.
Lastly, survey respondents stated, “owning a home is a good way to build up wealth that can be passed along to my family” as the fifth most popular reason for buying a home. Whether you own a home or rent an apartment, it requires a significant monthly expense. So why not put that money toward building equity in your own home and apply for a home loan today?
So, why do you want to buy a home? Let Cliffco Mortgage know by putting your reasons in the Comments section below.