June is National Homeownership Month, when we raise awareness about the benefits of owning a home and the importance of making homeownership more attainable for all Americans.
Every family deserves to have the opportunity to reap the benefits of homeownershipāfrom building generational wealth to building memories for years to come. RealtorsĀ® help consumers navigate the homeownership experience, providing critical support and serving as a trusted advisor through one of the biggest financial decisions of their lifetime.
Check this page throughout June as we provide more resources for RealtorsĀ® and consumers for Homeownership Month.Ā
Webinar: Creative Strategies to Unlocking Homeownership
Discover actionable strategies to help clients overcome barriers to homeownership. This engaging session will explore key insights from NAR’s latest Snapshot of Race and Home Buyers in America report, spotlight practical resources, and share real-world success stories from REALTORSĀ® driving impact.
Learn how members are helping clients through employer-assisted housing, navigating life transitions for individuals with disabilities, and securing homes for multigenerational families. Join us for this insightful hour and gain the research, resources, and results you need to open more doors to homeownership.
HomeOwnership Resources
The Alabama Housing Finance Authority (AHFA) provides homeowner and rental opportunities for Alabamians.
Ā
Since 1980, AHFA has helped more than 75,000 Alabamians purchase a home and provided funding for more than 48,000 rental housing units ā serving as Alabamaās affordable housing resource.
Dreaming of owning your own home? The HHA Home Ownership Program is designed to turn that dream into a reality. They provide valuable resources, counseling, and financial assistance to guide you through the process of purchasing your own home. Take the first step towards building equity and creating a stable foundation for you and your family.
The City of Huntsvilleās Community Development department oversees and implements programs to support the vitality of neighborhoods.Ā
The goal is to stabilize lower-income neighborhoods, to economically empower lower-income persons and/or those living in lower-income neighborhoods, and to provide assistance to the special needs population in our community.
The Federal Government’s Department of Housing and Urban Development has a comprehensive checklist for potential first time homebuyers as they begin their journey toward homeownership.
5 Reasons Why #HomeOwnership Matters
š¢ COMMUNITY BUY-IN
Homeowners have a much greater financial stake in their neighborhoods than renters, leading to a stronger sense of community and stability. NAR’s Social Benefits of Homeownership and Stable Housing study also found homeowners are happier and healthier, participate in more organized community activities. tend to vote more, volunteer more, and contribute more to their neighborhoods.
Owning a home means owning part of a neighborhood. The study found, overall, attachment to the neighborhood is stronger for homeowners and long-term renters than for more transient residents.
Ā
šŖ INCREASED STABILITY
Homeownership provides social and financial stability. Renters are significantly more likely to change residence in a given year than homeowners*. Homeowners tend to set down roots in their communities, contributing to the betterment of their neighborhoods as a whole. Furthermore, homeowners on a fixed-rate mortgage can expect to pay the same rate for housing year-over-year, avoiding the stress of increasing rental rates and uncertainty over the future availability of their home.
Ā
ā¤ļø QUALITY OF LIFE
A stable neighborhood, independent of ownership structure, is also likely to reduce crime*. It is easier to recognize a perpetrator of crime in a stable neighborhood with extensive social ties and empirical studies show a lower crime rate among homeowners and people living in a stable housing environment.
Ā
š°BUILD LONG-TERM WEALTH
A 2019 U.S. Census Bureau study found the two largest contributors to household wealth are home equity and retirement accounts – accounting for 62.9% of household net worth in 2015. Homeowners’ median net worth is 80 times larger than renters’ median net worth.Ā Over time home values often increase, growing the owner’s wealth over time. Once the home is paid off, it becomes a valuable asset that can be passed down through the generations.
Ā
š CREATE A UNIQUE SPACE
From paint color to major renovations, when you own your own home you can create a space that is unique to you. The average person spends the majority of their time indoors, so while this may not be the most important benefit of homeownership, it can definitely impact how much you enjoy your time at home. Plus – many renovations and upgrades can increase a home’s value over time.
Ā
Buying v. Renting
Is it better to buy or rent? Whether renting is better than buying depends on many factors. NAR members help their clients answer this question with statistics and studies on home owners and renters as well as financing options and tips.
