More than just real estate

Home Ownership and the “American Dream”

Desty Lorino is a real estate agent with over 20 years as a licensed professional. Desty is with the Coldwell Banker Residential Brokerage’s North Shore office, located in Glendale, and prides his success on a high level of service and market knowledge. Today, he points out why home ownership is the cornerstone of today’s real American Dream:

My wife and I were talking to one of our neighbors’ kids who is ready to embark on leaving home for college next fall. Like many other kids her age, she has an “American Dream.”

That definition can include different things for different people. For someone who grew up as an only child, they may dream of marrying and having a larger family than they grew up with. For someone less fortunate, they may aspire to a lucrative career so they never have to worry about money again. But there’s one thing that most ALL of our American Dreams include: owning a home.

For those of us who have bought homes and raised our families, we’ve already achieved this part of the dream. Now, the National Association of Realtors is pointing out a few reasons why our dreams of a white picket fence may be the MOST IMPORTANT part of the traditional “American Dream”:

  1. Owning a home is one of the best ways to build long-term wealth.  Home ownership is an investment in your future. Historically, a home owner’s net worth has ranged from 30-45 times that of a renter.
  2. Owning a home offers immediate shelter benefits and long term value.  Most home owners enjoy stable housing costs—a fixed rate mortgage payment might not change for 15-30 years while rent typically increases 3 percent per year.
  3. Home owners can typically deduct mortgage interest and property taxes on their federal income tax return.
  4. According to U.S. Census Bureau data, home owners do not move as frequently as renters, providing more neighborhood stability.  Homeowners are more likely to be involved and engaged in local issues.  In turn it creates stability, reduces crime and supports neighborhood upkeep.

So as you encounter a young person ready to graduate high school and begin living THEIR American Dream, remind them that saving up to own a home as they begin their career and family isn’t only a place to live – It’s also a smart investment in their future, and in making ALL of their American dreams come true.

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