The Joint Center for Housing Studies at Harvard University performs a study every year surveying participants for the reasons that Americans feel are most important in regards to homeownership.
The top 4 reasons to own a home cited by respondents were not financial. What were they? Here’s a quick look:
Having a good place to raise children & provide them with a good education
From the best neighborhoods to the best school districts, even those without children at the time of purchasing their home may have this in the back of their mind as a major reason for choosing the location of the home that they purchase.
A physical structure where you and your family feel safe
It is no surprise that having a place to call home with all that means in comfort and security is the #2 reason.
More space for your family
Whether your family is expanding, or an older family member is moving in, having a home that fits your needs is a close third on the list.
Control over what you do with your living space, like renovations and updates
Looking to actually try one of those complicated wall treatments that you saw on Pinterest? Want to finally adopt that puppy or kitten you’ve seen online 100 times? Who’s to say that you can’t in your own home?
The 5th reason on the list is the #1 financial reason to buy a home as seen by respondents:
Bonus: Owning a home is a good way to build up wealth that can be passed along to my family
Either way, you are paying a mortgage. Why not lock in your housing expense now with an investment that will build equity that you can borrow against in the future?
Whether you are a first-time homebuyer or a move-up buyer who wants to start a new chapter in your life, now is a great time to reflect on the intangible factors that make a house a home.