Homeownership Benefits our Community
After years of decline, homeownership is gaining momentum across the country. According to the latest data from the Census Bureau’s Housing Vacancy Survey the U.S. homeownership rate is 65%. Homeownership endures as the foundation of the American dream, and that’s why the home building industry is celebrating National Homeownership Month in June.
Homeownership builds stronger communities, provides a solid foundation for families, and improves the quality of life for individuals in our community. For many, owning a home is a positive step in creating a source of net worth. Home equity for U.S. homeowners continues to rise. Building equity when the value of a home appreciates is one of the significant long-term financial benefits of homeownership. Our community members count on their home equity to fund retirement, their children’s education, and other needs.
Homeownership also increases stability for our area. Homeowners are less likely than renters to move frequently. Locally, homeowners tend to settle in, make friends, get to know their neighbors, and develop a sense of community. A commitment to a community fosters civic participation. Through volunteering, school and church activities, and property maintenance, homeowners contribute to making a strong and healthy neighborhood.
The West TN Home Builders Association is comprised of a network of craftsmen, innovators and problem solvers dedicated to building homes, enriching our community and boosting our local economy. According to NAHB, the estimated one-year impact of building 1,000 single-family homes generates 2,900 jobs across all U.S. industries (including construction, trade, manufacturing, and professional services), approximately $189 million in wages and more than $129 million in federal, state and local tax revenues and fees.
Every day our members strive to provide safe, decent, affordable housing for families in West Tennessee. We are proud to contribute to the American Dream of homeownership. To learn more about the home building industry in our community, visit www.westtnhba.com.