Buying a home has consistently been cited as being a part of the American dream.

Owning your own property is definitely a source of pride, but it also benefits many homeowners financially. Housing values typically grow over time, so each year as a homeowner typically offers more equity.

“Many homeowners also report feeling a stronger sense of community after they purchase their home,” said Realtors Association of York and Adams Counties Executive Officer, Shanna Terroso. “Setting roots in a neighborhood generally leads to becoming more involved because you have a stake in the area.”

“Some would-be homebuyers voice concern about paying for property maintenance,” she added. “While this is something every homeowner should keep in mind, it’s important to budget for home emergencies and upkeep.”

Another benefit to homeownership is that monthly costs are generally fixed. Owners know how much their monthly mortgage payments will be, as opposed to renting and having to prepare for higher monthly costs.

“One of the best ways to build financial security over the long term is by owning a home,” Terroso said. “Owning a home is a solid investment and provides a much better return on investment than other large purchases, such as a car.”

With nearly 63% of the U.S. population being homeowners, it’s something every American deserves an opportunity to achieve.

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