Homeownership builds a strong America
More American families are reaching for the dream of homeownership
- 68 million families own their homes, for a record homeownership rate of 66.8%.
- 6.2 million families joined the ranks of homeowners in the past 4 years.
- 60% of renters rank buying a home among their top priorities in life.
More minority families are achieving this dream
- 67% of African Americans rank owning a home among their very top priorities.
- Fewer minorities say they've experienced overt discrimination in buying a home.
- Fewer face an information barrier to buying a home, The percentage that felt needed information was available rose by 70%.
Homeownership builds jobs and national wealth
- In 1998, the housing industry generated 6 million full-time jobs ($130 billion in wages).
- Housing also contributed $69 billion in federal, state and local revenues and fees.
- In 1995, it contributed more than $1.5 trillion to the GDP 22.4% of the economy
Homeownership builds personal wealth
- More than 60% of American families built wealth by owning a home. Only 40% built wealth with stocks.
- Total national equity in homes in 1998: $7.1 trillion.
- Average equity per homeowner in 1998: $103,000.
- Best personal investment: After only 3 years, a modest 3% annual rise in a home price yields 34% return on invested capital (on home bought with 10% down).
Homeownership builds strong families
- Families who own their homes tend to be more stable and satisfied with life.
- Children of homeowners less likely to drop out of school.
- Less likely to have a child while a teenager.
- Less likely to be arrested before the age of 18.
Homeownership builds civic pride, stability, involvement and roots
- Communities of high homeownership tend to be more stable, with less crime and disruption, more neighborhood cohesion and more sense of local control.
- Homeowners are 10% more likely to work to solve local problems or know their U.S. representative by name.
- 13% more likely to know identity of local school board head.
- 16% more likely to vote in local elections.
- More likely to support government investment in schools and roads.
- More likely to be members of non-professional organizations.
Sources: Fannie Mae, Freddie Mac, NAHB. MBA, NAR, U.S Census Bureau, other public and private reports.
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