Celebrating National Homeownership Month: Ways to Join In
Now is a crucial time to promote homeownership
National Homeownership Month is the perfect time to honor the 83 million Americans who proudly own homes and inspire others to pursue their own homeownership dreams. With home prices only continuing to increase and record appreciation percentages year over year, now is a crucial time to promote the benefits of homeownership.
According to the National Association of REALTORS, owning a home significantly contributes to financial security. In fact, 65.5% of Americans who own homes have a net worth nearly 40 times greater than those who don't. Over the past decade, the value of owner-occupied homes surged by $8.2 trillion, with an increase of nearly one million middle-income homeowners. Typically, homeowners have accumulated more than $200,000 in housing wealth due to price appreciation.
A Brief History of National Homeownership Month
Before the 1860s, when the U.S. banking system—and mortgages—were introduced, most Americans had limited opportunities to own homes. The Great Depression further hindered homeownership as banks lacked money to lend, and people had little cash or assets.
To stabilize the housing market during this period, the U.S. government established the Home Owners’ Loan Corporation (1933), the Federal Housing Administration (1934), and the Federal National Mortgage Association (1938). However, the most significant boost to homeownership came with the GI Bill of 1944, which offered subsidized mortgages to World War II veterans. By 1955, veterans had received 4.3 million home loans, which fueled the economy and fostered prosperity.
Another landmark was the Fair Housing Act of 1968, which banned discrimination in housing. National Homeownership Week was launched in 1995 by President Bill Clinton and later expanded to National Homeownership Month by President George W. Bush in 2002.
How to Celebrate National Homeownership Month
- Refresh Your Home: Celebrate by giving your home some TLC. Paint a room, plant flowers, or power-wash your sidewalks. Maintaining and improving your home is a rewarding way to appreciate your homeownership and will help to maintain the value of your home.
- Educate Future Home Buyers: If you’re in the real estate industry, help educate local buyers. Partner with professionals, like us, to provide information on loan programs and buyer assistance. Co-hosting a housing forum with us can also be beneficial for answering questions and offering guidance to buyers at all stages.
- Encourage Financial Literacy: As an ambassador with a nonprofit focusing on empowering young people through financial literacy education, I truly believe that equipping students with the knowledge and tools they need to navigate huge financial decisions, like homeownership, is essential. If you want to know more about these efforts, be sure to reach out.
- Engage with Your Community: Many organizations need volunteers to support homeownership efforts. Consider helping at local shelters, Habitat for Humanity, or community beautification projects. Your involvement can make a significant impact.
- Host a Neighborhood Block Party: Strengthen community bonds by organizing a block party. Include games, food, and activities to get to know your neighbors better. You can also incorporate charitable efforts, such as a food drive, to support local causes.
- Donate to Housing Charities: If time is tight, consider donating to organizations that address housing issues. Contributions to groups like Habitat for Humanity or local shelters can make a big difference in someone's life.
Need Assistance?
If you’re ready to embark on your homeownership journey, the Michael Creed team is here to help. Contact us today to start the process and turn your dream into a reality!
