National Home Ownership Month: Building a long-term commitment
24 Jun 2022
For many of us, a home is more than just a residence. It is a place that evokes a feeling - that of pride, security, comfort, and joy. A home is where we can face life’s challenges and watch our children grow. Across the country, National Homeownership Month is celebrated in June every year. Owning a home renders great value to families, communities, and neighborhoods across America, and by becoming a homeowner, a person gets one step closer to fulfilling the American dream. The month of June celebrates the joys of becoming a homeowner, bringing manifold advantages.
- For a better future
- Homeownership helps to build on your options for the future. Owning a home can aid you in making a profit when you plan to sell, assisting you in leveraging your home equity or paying for other expenses.
- For the benefit of a community
- Homeownership is closely connected with the economy. When home sales rise, jobs go up too. And together, these forces contribute to a stable economy on all levels - local, state, and national.
- For a sense of belonging
- When you are a homeowner you begin to stay invested in your community; getting involved in activities and volunteering for charity and other events adds to a sense of belonging that is much greater than for a person who is just a renter.
When you are a homeowner the whole community benefits
The housing industry as a whole is closely linked to the economy. When home sales go up, so does the rate of employment. Together, these two forces help to create a more stable economy.
The community and the economy benefit when property owners pay real estate taxes - these funds are used for many infrastructure services and projects, some of which include:
- Road building and repairs
- Construction of schools
- Library operations
- Government social services
- Police and fire departments
- Parks and recreation etc.
The advantages of homeownership go beyond the financial benefits many of them are intangible. A person buying a home in an area often stays there for many years, and over time, the owner starts getting involved in activities surrounding the community. This helps to create a sense of belonging, a benefit that spills over into building a strong community and network. This sense of belonging in homeowners is greater than in renters.
Starting with the homeowner and continuing throughout the community, homeownership brings with it many benefits, financial, tangible, and intangible.
Homeownership and the city of Staples, Todd County
Melissa Wyman, Staples Economic Development Director, strongly believes that from an economic development view, homeownership is critical to the growth of a community.
“Homeownership typically equals a long-term commitment to a community and that means an interest in bettering the community through a variety of different ways including volunteerism, financial donations, and many other ways. It also means they have roots and have started a family there so the kids go to the school district, they shop in the community and they value the assets the community has to offer”, she says.
According to Wyman, the city of Staples has always been encouraging towards homeowners:
“We have been working in a variety of ways to encourage homeownership. We have identified the need for new single-family homes, to make this happen the City has acquired land that is shovel-ready, meaning all utilities are already to site, and are selling the lots at a discounted price to encourage developers to build spec homes as well as individuals to build their family home.”
Wyman states that the City has also looked at the need to attract potential homeowners to the community through a variety of rental options. She says, “ In the last 5 years, we have attracted the development of more than 150 new housing units. These developments help to attract families to the community that may be looking to purchase in the future however are not ready or have not found the home they want to put down roots in and get to know the community with the hopes that they will choose to transition to homeownership in the community when they are ready.”
“We are also looking at options for 55+ developments that would allow the semi-retired, aging populations to transition into smaller homes with less maintenance, which will then open up additional single-family homes that are suitable for younger families with children to purchase”, Wyman states.
Todd County Development Corporation (TCDC) is a 501(c)(3) non-profit economic development corporation that serves all citizens of Todd County, Minnesota.