Marcia's Blog

Why We Need a New Vision of Homeownership

We hold a lot of preconceived notions about homeownership. Some can be helpful, such as the idea that homeownership provides a sense of pride and fulfillment.  However, other preconceived notions can be harmful, and can keep people from taking the steps to leave renting behind.

If we are going to ensure that as many people as possible share in the dream of homeownership, we need to give people a vision they can buy into. Here are three outdated beliefs about homeownership, and why we need to leave that type of thinking behind.
 

As a society, we hold a lot of preconceived notions about homeownership. Some can be helpful, such as the idea that homeownership provides a sense of pride and fulfillment.  However, other preconceived notions can be harmful, and can keep people from taking the steps to leave renting behind.

If we are going to ensure that as many people as possible share in the dream of homeownership, we need to give people a vision they can buy into. Here are some outdated beliefs about homeownership and a more inclusive way to view buying a home.

Old vision: You buy a house when you have a family.
It’s true that many parents desire to be homeowners when they are raising a family, but many Americans are settling down and having families later in life. Does that mean they should wait to buy? Likewise, single women make up 17 percent of the homebuying market.  Whether you have a family or you’re single, homeownership can be one of the greatest ways to build wealth, and consumers should take advantage of it.

Old vision: You buy a house when you’re ready to settle down.  Another popular belief is that homeownership is for those who are ready to settle down in one location. That belief could keep millennials or frequent travelers from seeking to buy a home. The truth of the matter is that a home can be valuable even if you don’t plan to live in it. You can rent it out while you travel or create passive income by hosting Airbnb travelers in your spare room.

Old vision: You need perfect credit to buy a house. I run into so many people who don’t pursue homeownership because they don’t believe they could possibly get approved. They don’t know this for a fact; they simply assume that homeownership is out of their reach because of student loans or a financial challenge they’ve experienced in the past. What they don’t realize is that there are so many programs that can help people buy a home. You don’t have to have perfect credit, and even if you’ve made mistakes in the past, you can rectify them with the right guidance. Our non-profit homeownership advisors work with people every day and show them what tangible steps they can take to make their dreams of homeownership come true.

There is no ideal homeowner; if you’re waiting for the perfect set of life circumstances, you may be waiting forever. The next time you hear someone providing a reason to delay homeownership, tell them to consider that the right moment is now.