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National Homeownership Month!

June is National Homeownership Month! There are many benefits to owning your own home, some intrinsic and some more quantifiable. Continue reading below for some surprising homeownership datapoints:

NET WORTH STATISTICS
  • The median net worth of homeowners increased 15 percent between 2013 and 2016, whereas that of renters or other non-homeowners fell 5 percent.
  • The average homeowner’s net worth is 44 times that of the average renter.
  • Source: The Federal Reserve
OPPORTUNITIES FOR IMPROVED CREDIT
  • Purchasing a home can improve your credit score through consistent mortgage payments.
  • Additionally, credit bureaus give more weight to mortgage payment history than to credit cards or other more temporary accounts.
  • Source: TheMortgaeReports.com
HEALTH AND SAFETY
BENEFITS TO CHILDREN
  • The average child of homeowners is significantly more likely to achieve a higher level of education and, thereby, a higher level of earnings.
  • While both homeowners and non-owners may aspire to be engaged parents, homeowners likely live in neighborhoods with more opportunities for school involvement or participation in neighborhood activities.
  • Source: National Association of REALTORS®

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