Home ownership is one of the key components of the American Dream and a universal symbol of financial stability. You may be shelling out more money per month for a great apartment, but it’s still not the same as owning a home, which is associated with stability, security, and even wealth. The National Association of Realtors(NAR) says first-time home buyers generally buy homes because they are (in order of importance):
1. Tired of paying rent to landlords
2. Ready to tap the tax advantages associated with home ownership
3. In need of more living space, be it indoor, outdoor, or both
Of course, home ownership brings with it both positives and negatives that must be considered, particularly if this is your first time out. Despite the challenges it presents, home ownership is undeniably one of the most sought-after dreams that Americans pursue on a daily basis.