Homeownership Brings Benefits

[Huligar]

HOMEOWNERSHIP BRINGS BENEFITS TO INDIVIDUALS, COMMUNITIES AND
THE COUNTRY


WASHINGTON, June 1--The benefits of homeownership are widely
touted, and for good reason: There are plenty. But they reach
beyond just financial benefits, homeownership has powerful social and
economic benefits as well--for our families, our communities and
our country. In recognition of the many benefits of
homeownership, the National Association of Home Builders (NAHB) joins the
nation in celebrating National Homeownership Month throughout the
month of June.

Financially, homeownership provides Americans with the biggest
tax break on the books, the deductibility of mortgage interest
and property taxes. A home is also a stable investment that
appreciates in value over time, increasing a home owner's borrowing
power and allowing them to build equity and a nest egg for
retirement. Economically, construction employs 7.3 million people and
housing activity accounts for 16 percent of the GDP. Socially,
homeownership is associated with better educational opportunities,
lower teen-age pregnancy rates and higher lifetime annual
incomes.

"Housing makes a significant contribution to our national
economy, and it's important that we celebrate and recognize that
contribution this month," said David Pressly, NAHB president and a
home builder from Statesville, N.C. "But, despite that, not all
Americans have an opportunity to share in the dream of
homeownership, and our members strive to make homeownership a reality for
hard-working Americans every day."

Today, nearly 70 percent of American families own their own
home, up from 62 percent in 1960. During that time, the population
has grown by more than 119 million people and the median price of
a new home has increased from $18,000 to $240,000.

Even with this period of rising prosperity and recent low
interest rates, millions of people are finding it increasingly
difficult to buy an affordable home in the communities where they work.
Our nation's teachers, firefighters, police officers, nurses and
other middle-income individuals provide the essential services
we depend on, and yet cannot afford to own a home where they
work.

During National Homeownership Month in June, and throughout the
year, NAHB and its 850 state and local affiliates are working
hard to make affordable workforce housing a reality across the
country and a priority for our nation's leadership so that the
benefits of homeownership can be reaped by all. In the next decade
alone, home builders will need to construct about 1.8 million new
homes and apartment units each year. Restrictive policies and
legislation hamper this growth, adding to the rising cost of
housing. Communities need to come together for a collective solution
that promotes builder investment and policies that advance
affordable housing for all of their citizens.

Owning a home is paramount to achieving the American Dream. To
find out more about how that dream can become a reality, and for
further consumer information about the benefits of
homeownership, visit www.nahb.org/forconsumers.