National Homeownership Month – June 2023
Homeownership is the foundation of the American Dream.
Americans often consider their homes as more than someplace to “hang their hats.”
Recently, we have been reminded that our homes are central to our independence, health, and the well-being of our families. In response to the COVID-19 pandemic, millions of Americans transformed their homes into safe havens, classrooms, virtual workplaces, and, most importantly, spaces to nurture hopes and dreams for the future.
Did you know that homeownership in the United States has a dedicated month to honor it?
Dubbed National Homeownership Month, this yearly tradition celebrates and raises awareness of the many benefits of homeownership for individual Americans—and how it positively impacts families, communities, businesses, and the national economy.
Why Does Homeownership Matter?
Homeownership is one of the best ways to build long-term wealth for a majority of Americans.
By owning a home, you make a steady investment that gains value over time. Every mortgage payment you make increases your equity. With 65.5 percent of Americans owning homes, homeowners’ net worth is more than 40 times greater than that of non-owners or renters.
Homeownership also fosters a sense of community and stability. A homeowner is likelier to participate in local elections, invest in public organizations, volunteer, and maintain their property. This translates into reduced crime, safer neighborhoods, and stronger schools.
Lastly, homeownership is a vital element of our economy. Real estate accounts for 20 percent of the GDP. Home sales in the US support over 2.5 million private-sector jobs in an average year.
When does National Homeownership Month 2023 take place?
This year’s National Homeownership Week will start on Thursday, June 1 and end on Friday, June 30.
History of National Homeownership Month
The history of National Homeownership Month dates back to 1862 when Abraham Lincoln signed the Homestead Act that gave the heads of American households the right to claim a 160-acre homestead provided they intended to build a home on the land and till on it.
The concept of celebrating homeownership began in an unofficial capacity in the 1920s as a week-long celebration. It was spearheaded by local realtor associations who wanted to promote the idea of homeownership.
In 1950, more than half of all Americans owned their homes for the first time in American history. The National Association of Realtors picked up the American Home Week concept and celebrated it on a nationwide scale officially in 1956.
The week was officially renamed Private Property Week by US Congress in 1976.
In 1986, it was renamed again to American Home Week.
In 1995, President William Clinton introduced National Homeownership Week as a strategy to promote homeownership nationwide.
President George W. Bush expanded the observance to the entire month of June in 2002.
Who Gets Involved in National Homeownership Month?
In addition to shining a spotlight on supporting the American Dream of homeownership, National Homeownership Week is also a time to recognize the organization that assist families and individuals in achieving their goals.
Everyone from the US Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) to financial and housing counselors, realtors, assistance programs, and homeowners can participate in this month-long event.
National Homeownership Month Participation Ideas
Here are a few ideas to celebrate National Homeownership Month:
If you’re an organization:
- Organize a housing forum to create an opportunity for community leaders and the public to discuss the local housing situation.
- Host a homeownership fair, workshop, or seminar.
- Share what the local community thinks about their local housing market with the NAHB Housing Portal.
- Contact a local talk radio station and offer to host a series of special programs to discuss key homeownership subjects.
If you’re a homeowner:
- Give your home a little extra TLC.
- Host a block party for your neighbors, featuring games, contests, and food.
- Visit the American Property Owners Alliance (APOA) site. The APOA is a non-profit created to support and protect property owners and pave the way for future property owners.
- Join the discussion and read stories celebrating homeownership online.
- Use #NationalHomeownershipMonth to share on social media.
- Donate to organizations helping address housing issues. They include the National Low Income Housing Coalition, Habitat for Humanity, NeighborWorks America, Mercy Housing, 995 Hope, etc.
The Future of Homeownership in America
Homeownership has had the age-old support of the federal government, with policymakers advancing several policies that promote responsible, sustainable homeownership.
“The national housing finance system is one of the best examples of the federal government’s commitment to homeownership,” says Darren Nomberg, Senior Vice President, Investments at David Lerner Associates.
“For 5 decades, Government Sponsored Enterprises (GSEs) have protected the possibility of a 30-year fixed-rate mortgage while promoting a national mortgage market that guarantees responsible, mortgage-ready Americans can indeed become homeowners.”
Ultimately, homeownership must continue to be prioritized on the national policy agenda since it affects all Americans.
Even as we address racial homeownership and housing wealth gaps, enabling more American households to achieve sustainable homeownership earlier in life and maintain that ownership is key to narrowing the gaps.
Conclusion
As Homeownership Month continues, David Lerner Associates hopes to facilitate a conversation – engaging current and future American homeowners – to highlight homeownership’s importance and key benefits.
Whether you’ve already bought a home in your lifetime or aim to in the future, join us in celebrating this month-long event.
Happy National Homeownership Month!
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.