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Why Home Ownership Matters

#ColoradoIsHome, Market, Money Smarts | This post was written by Mike Holloway

Home with Flag

The term “Millennials” is used daily in the media to describe this group of young people that are uber tech savvy and march to the beat of their own drummer. In regards to housing, many so called “Millennials” have been slow to become homeowners choosing rather to spend their hard earned income on skinny jeans, neatly trimmed beards, and high priced rental properties in “walkable” areas of downtown. So this begs the question that has been discussed for decades, “Why should I purchase a home?”

The reasons for home ownership are many and varied but allow me to offer some thoughts as to why home ownership matters.

We are Americans and our country was founded in part on the idea of personal work ethic which would allow our forefathers to make a life of their own rather than the indentured life and centuries of “class” parameters of Europe to which there were very few “haves” and most folks were destined for a lifetime as a “have not”.

When opportunities were made available in the new world, many jumped at the chance to make a go of it. Despite their best efforts many failed at first but slowly settlements grew and industry began to thrive. As the years progressed Americans carved out lives using their strong backs and strong minds to forge a nation that held true to the ideal of making dreams come true with hard work and home ownership was the center of that dream.

Home ownership means choosing your own way without someone dictating what you can and cannot do. If you want to paint the walls, go for it. If you want to play your music a little loud, no problem. If you want to build long-term wealth through home appreciation, home ownership is the vehicle to accomplish that.

Renting has its place for short term situations but long term renting allows others to dictate the color of the walls in your home, how loud you can play your music, and how much the rent payment will increase each year to build the long-term wealth of your landlord through higher rents and value appreciation.

You see, as Americans our forefathers built this nation on gaining a little something for themselves and for their families. Something that was uniquely theirs, something to have pride in, and something that will last. You could say home ownership is as American as apple pie and it is within reach of all of us and like so many good things in life, it is absolutely worth having.

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