"Enough with the doom and gloom about homeownership. Sure, maybe there's more pain to come in the housing market. But when Time Magazine starts running covers that declare 'Owning a home may no longer make economic sense,' it's time to say: Enough is enough. This is what capitulation looks like. Everyone has given up." --- The Wall Street Journal, "10 Reasons to Buy a Home."
The above is taken from an article attacking the negative press running rampant in major news media, including Time Magazine's "The Case Against Home Ownership" and the recent op-ed in the Washington Post, "How a homeownership fetish hurt the American Dream." The Wall Street Journal went on to cite the following reasons to buy now, including: you can get a good deal; mortgages are cheap; savings on taxes and it will be yours to do with as you please.
What is being left out of many of these topical stories is that the return on investment in homeownership is many fold because home buying and homeownership are key drivers for the economy and the over-all quality of life in our communities. The positive impact of homeownership on our society has been long documented by extensive independent research.
Here are just a few of the many positive points to homeownership recently found in a NYSAR/SRI New York Home Ownership Survey:
- 84% of all NY residents believe homeownership to be a very significant part of achieving the American dream. - 90% of NY homeowners say that "owning my own home makes me proud, it was always something I wanted" and that "my home is where lasting family memories are made." - 89% say that their home is perfectly located near everything they need and more than 80% say that their home is an asset that will increase in value over time, provides a sense of connection to their neighborhood and community, and that their home is an expression of who they are. - When asked to compare homeownership to the stock market as an investment, 81% of all New Yorkers, 84% of owners and 74% of renters think homeownership is a better place to put your money than the stock market.
At Connolly Home Sales, we work to promote responsible and sustainable homeownership to ensure those who are willing to and able to own a home have the opportunity to do so.