It’s National Homeownership Month, a time for current homeowners to celebrate their investment and for those who want to own a home to begin planning.
Homeownership offers a lot more than just a place to live. It provides financial stability, community development, and personal well-being. Unlike renting, where you never know when the rent may go up, if a needed repair will be made, or if the property will be sold, homeownership is an investment. Each mortgage payment increases your equity. Additionally, tax benefits such as mortgage interest deductions can provide substantial savings.
Homeownership is also a key factor in building personal wealth. According to the Federal Reserve, a homeowner’s net worth is higher than that of a renter. This wealth can be leveraged for things like education, or retirement. Over time, the value of owning a home grows, contributing to long-term financial security.
Despite its many benefits, homeownership remains a challenge for many of our neighbors. According to the 2022 American Community Survey, only 40.1% of families living in the City of Cincinnati own their homes.
Today’s housing market, with its escalating property values, rising mortgage rates, and competition from corporate investors, can make purchasing a home even more challenging for many first-time low-to-moderate-income families.
Whether you’re a renter looking to improve your options, a first-time homebuyer wanting to understand the purchasing process, a homeowner who needs help after a purchase, or a family facing foreclosure, WIN can help you make informed decisions. Our homeownership program includes homebuyer classes, financial literacy training, and free one-on-one counseling. For more information, contact WIN today at (513) 541-4109.