Ron Schiel - Tax   |  Jun 04 2025 15:00
June: Celebrating Homeownership Month & Financial Benefits

National Homeownership Month

Every June, we celebrate National Homeownership Month, a time to reflect on the integral role homeownership plays in achieving financial stability and building long-term wealth. Whether you are a seasoned homeowner or on the verge of making the leap, understanding the financial impact of homeownership is crucial.

Why Homeownership Matters Financially

Homeownership is a significant contributor to long-term wealth, with home equity being a key driver. Did you know that the median net worth of homeowners is nearly 40 times higher than that of renters? This statistic highlights the financial security that a home can offer. In fact, 90% of homeowners report feeling a greater sense of financial well-being compared to renting.

Advice for Current Homeowners

If you already own a home, protecting your investment is paramount. Regular maintenance and strategic upgrades can significantly preserve and even increase your property value. Additionally, in a high-interest-rate environment, it's wise to review your mortgage and leverage your home equity for financial planning rather than opting for refinancing. Also, consider establishing an emergency fund specifically for home repairs to prevent financial strain when unexpected costs arise.

Advice for Future Homeowners

For those planning to buy a home, assessing your financial readiness is crucial. Begin by checking your credit score, evaluating your savings, and understanding your overall budget to determine what you can afford. Exploring first-time homebuyer assistance programs can also be beneficial as they provide grants or low-interest loan options to help with down payments. Moreover, understanding the full costs of homeownership, including mortgage payments, property taxes, insurance, utilities, and maintenance, will help you avoid financial surprises.

Ultimately, homeownership is not just about having a place to live; it plays a significant role in financial stability and wealth-building. As you navigate this journey, consider seeking professional guidance or conducting a financial health check to ensure that homeownership aligns with your long-term goals.