June is National Homeownership Month.
As home builders and home owners celebrate National Homeownership Month in June, the latest housing trends report from the National Association of Home Builders (NAHB) reveals that housing affordability expectations among prospective home buyers are improving.
“Homeownership is important because it is the primary source of wealth and financial security for many families,” said Robert K. Schroeder, Mayberry Homes. “With relatively lower interest rates, compared to the fall of 2022, the dream of homeownership for families is within reach.”
According to NAHB’s trends report, the retreat in mortgage interest rates during the first quarter of 2023 led a record share of adults in the U.S. – 18 percent – to declare having plans to buy a home within a year. Lower interest rates in the first quarter of 2023 also pushed more first-time home buyers to enter the market. A majority (71%) of all prospective buyers reported this would be their first time buying a home, up from 61% in the final quarter of 2022.
“Many home owners count on their home equity to fund retirement and other important needs,” said Robert K. Schroeder, Mayberry Homes, “Builders are members of the community, and as such, we will continue to advocate for public policies that support affordable housing opportunities for all.”
- Build Equity: Homeownership can help anyone build equity and pave the way for financial stability. No matter the conditions in the broader market, the best time to buy a home is always right now.
- Own Your Future: Homeownership is more than a financial investment. Owning your home means owning your future and a place to raise your family.
- Work Life Balance: Did you know 30% of adults work from home at least two days a week? New homes provide ample spaces to accommodate flexible work schedules.
- Taxpayers are taking advantage of new home energy-efficiency related tax credits. A recent Internal Revenue Service data analysis by NAHB Home indicates that more than 800,000 taxpayers claimed a new home-related energy-efficiency tax incentive.
- Homeownership is the foundation of the American Dream, and the home building industry celebrates this by recognizing June as National Homeownership Month.
- Most Americans consider homeownership to be the single best long-term investment. About 66% of households own their own home.
- Many home owners count on their home equity to fund retirement and other important needs.
- Homeownership has been a cherished ideal and a source of pride, accomplishment, social stability and peace of mind.
- The nation’s housing and homeownership policies over the last century have contributed to the growth of the middle class and helped the United States become the most dynamic economy the world has ever seen.
- Builder sentiment has increased since the beginning of the year and single-family starts continue to move gradually higher.
- This indicates that a turning point for single-family construction will occur later this year after declines in 2022.