Homeownership and the American Dream - ALCOVA Mortgage

Homeownership and the American Dream

View of Wilmington North Carolina from across the river

For many years, Americans have viewed homeownership as the cornerstone of the American Dream. Whether they were born here or immigrated from another country, they all dreamed of owning their own piece of America. With so many prominent societal changes over the last few decades, it is fair to ask if people in America still feel the same way about owning a home. The answer is abundantly clear by looking at these statistics and benefits!

Statistics

The National Association of Realtors or NAR conducted a consumer survey which showed that many homeowners and non-homeowners both strongly consider homeownership part of the American Dream. The report detailed: “For non-owners, roughly 75 percent reported that homeownership is part of their American Dream. For owners, 9 in 10 believe it is part of their American Dream.” This report also noted that 84 percent of non-owners want to own a home in the future.

Benefits

While buying a house comes with a lot of responsibility, it also offers a lot of rewards!

  • Smart Investment: While home prices move in cycles over the short-term, if you stay in your home for a long time, it could potentially increase in value and give a return on your investment.
  • Builds Equity: Paying your mortgage is a form of savings, since it increases your home equity which you can tap into if you need money in the future.
  • Tax Deductions: Your mortgage interest and property tax payments may be deductible from your federal taxes, as well as many state taxes.
  • Strong Credit History: Consistently making your monthly loan payments on time demonstrates to other lenders that you are a good borrower and the risk of you defaulting on a loan is low. This strong credit history will be helpful in the future when you need other loans for buying a car, making improvements to your home, or paying other major expenses.
  • Personal Freedom: Homeownership offers tremendous freedom to have the home you always wanted. You can own pets, paint rooms whatever color you like, make changes to floors and carpeting and do all the things that make a house feel like a home.

Feel like owning your piece of the American Dream? Contact one of our experienced loan officers today!

5 Things to Look for in a Neighborhood

So much goes into buying a house, and it’s easy to put all the focus on finding the perfect home. But what about finding the right house in the right neighborhood? If you’re house-hunting, here are some family-friendly features you’ll want to look for!

5 Benefits to Buying a Home in the Fall

Although the spring and summer months are known to be the most popular time to buy a house, fall is emerging as the new ideal season to buy a home. Here are five reasons why fall can be a great time to buy!

4 Signs It’s Time to Downsize

Traditionally, we think of the homeowner path as upsizing, but sometimes smaller spaces might make more sense. Here are 4 reasons to consider downsizing!

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Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, AR, CO, DC, FL, GA, IN, KY, MD, NC, OH, PA, SC, TN, TX, VA, WA, WV |
308 Market St SE, Roanoke, VA 24011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, AR, CO, DC, FL, GA, IN, KY, MD, NC, OH, PA, SC, TN, TX, VA, WA, WV |
308 Market St SE, Roanoke, VA 24011