Homeowners

Homeownership: A Reason to Be Thankful This Season

Thanksgiving is more than a holiday—it’s a moment to reflect on the people, experiences, and places that make life meaningful. For many, one of source of gratitude is their home.

A home is more than just shelter. Whether it’s the financial rewards it may bring, the stability it can provide, and the opportunity to personalize your space, homeownership represents so much more than four walls and a roof. It’s a place that you can make your own.

Guillaume Drew, the founder of the online bedding company Or & Zon, purchased his first home in 2016 in Brooklyn. He was 32.

“My house became home when I made a conscious effort to centralize my personal experiences and [decorate] it with different things I brought from places across the globe,” said Drew. “This created a story within that space, and it evolved into a space that became more personal to me and what I reside in.”

Homeownership: More than financial security

Homeownership has long been a cornerstone of financial stability as it has helped many people build wealth.

The typical homeowner’s net worth is nearly 38 times higher than that of a renter, according to the Federal Reserve’s Survey of Consumer Finances.

Homes often appreciate in value over time, which allows owners to build equity. U.S. homeowners who have mortgages, which make up about 62% of homes, gained $1.5 trillion in equity from the first quarter of 2023 through the first quarter of 2024, according to real estate data firm CoreLogic.

That represents a 9.6% year-over-year increase.

That increase in home value isn’t just numbers on a page. Home equity can provide owners with a financial cushion in hard times.

They may be able to tap into it if there is an expensive emergency or use it to help fund large expenses, such as funding a child’s education or completing home improvements.

Additionally, owning a home may help folks keep their housing costs in check.  

Unlike renters who may face unpredictable—and sometimes steep—rent increases, homeowners with fixed-rate mortgages can lock in much of their housing expenses. While property taxes and insurance costs rise, the bulk of their mortgage payment is set.

Building community through homeownership

A home is more than a financial investment. When people buy homes, they can put down roots in their communities, form relationships with neighbors, and invest in the area’s well-being.

This kind of stability may be especially appealing for families with children.

Kids who don’t move much during their childhoods are more likely to have higher test scores and fewer behavioral problems, according to a 2024 Habitat for Humanity report.

Making a house a home

Whether it’s painting the walls an outrageous color, planting a garden, or knocking down walls to create your dream kitchen, owning a home allows folks to create a space that reflects their personalities—without upsetting a landlord.

Research shows that personalizing your living space may enhance emotional well-being and reduce stress.

Individuals who actively engage in decorating and organizing their homes experience increased feelings of control and comfort, which may improve mental health outcomes, according to a study shared in Psychology Today.

That part of homeownership was important to Drew.

“Being a person who cares about sustainable luxury and culture, I decorated the interior with many handmade items purchased from different countries,” said Drew.

How to start your own homeownership journey

If you are dreaming of owning your own home, start by understanding your budget. Take a close look at your finances to determine how much home you can afford, start saving for a down payment, and be realistic about your monthly expenses.

A homebuying assessment is another powerful tool to help you prepare for homeownership. Conducted by a loan officer, this comprehensive evaluation takes a close look at your financial profile, including your credit score, savings, income, and existing debts.

The goal of an assessment is to create a personalized roadmap to help you achieve homeownership. This may include strategies for improving your credit, paying down debt, and exploring down payment assistance programs.

Following these steps can help make homeownership  a more achievable goal for those who may be renting now. Owning a home isn't just about having a roof over your head: It’s about setting down roots and building a more secure future.

“To me, being a homeowner is what makes me appreciate life,” said Drew. “The security that comes with owning a house has driven me to new ideas, and enabled me to live, plan, and cherish precious moments with the people who matter.”