The benefits of home ownership are plentiful, but they reach beyond just financial benefits. Home ownership has powerful social and economic benefits as well – for our families, our communities and our country.
Financially, home ownership provides Americans with Federal income tax deductibility of mortgage interest and property taxes. Homes are generally a stable investment that historically appreciate in value over time.
Economically, construction employs 7.3 million people and housing activity accounts for 16 percent of the GDP.
Socially, home ownership is associated with better educational opportunities, lower teenage pregnancy rates and higher lifetime annual incomes.
“Housing makes a significant contribution to our national economy, and it’s important that we celebrate and recognize that contribution,” said Robert R. Jones, Immediate Past Chairman of the National Association of Home Builders and a home builder from Bloomfield Hills, Michigan. “But, despite that, not all Americans have an opportunity to share in the dream of home ownership, and our members strive to make home ownership a reality for hard-working Americans every day.”