The benefits of home ownership are commonly cited. There are many reasons and most of us are familiar with the financial aspects. However, they reach beyond just financial benefits. Homeownership has key social and economic benefits as well for our families, our communities, and our country.
Financially, homeownership provides owners with a great tax break the opportunity to deduct the 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. But we all know that...
From an economical standpoint, construction employs more than 7 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. Sadly, we all don't have the opportunity of home ownership. 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 in a time 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. In the next 10 years, home builders will need to construct about 1.8 million new homes and apartment units each year. Developers and government officials commonly find their attention drawn towards making affordable housing.
Las Vegas real estate is no different. Buyers struggle to qualify and lenders stretch programs to make it work. It takes the right Las Vegas real estate team to make sure a buyer is taken care of so they understand and can purchase the best real estate option.