Q: Does home ownership really matter, and is buying a home really a good decision?
A: During this holiday season, it’s the perfect time to answer this question. There is a reason home ownership is called the American Dream.
Home is where we make memories, build our futures and feel comfortable and secure. Home ownership provides important social benefits. It provides shelter and security for families and fosters involvement in community life. Homeowners do not move as frequently as renters, providing more neighborhood stability. In turn, involvement in community quality-of-life issues help prevent crime, improve childhood education and support neighborhood upkeep.
Homeownership is a big deal. One-fifth of the gross domestic product of the U.S. economy is tied to the housing sector, according to a recent statement by FHA Commissioner David Stevens.
However, in the wake of current economic conditions, some critics have questioned the value of owning a home for families and individuals, and suggested that our government rethink its support of policies and programs that support home ownership. Some have even challenged the deductibility of home mortgage interest from income tax.