June is Home Ownership Month
For many citizens, owning a home is the definition of American independence. Because of how important home ownership is to Americans, June has been declared National Home Ownership Month. The theme this year is "Rural Housing/Rural Jobs."
During the kickoff of National Homeownership Month, U.S. Agriculture Secretary Tom Vilsack drew attention to the important role buying a house plays in creating jobs, maintaining viable communities and contributing to the economy. Since the beginning of the fiscal year, which began in October 2010, USDA Rural Development has financed about 80,000 home loans for rural residents.
"Housing drives rural economies and supports healthy rural communities," Vilsack said. "About 50 million Americans call rural areas home, and safe, sanitary housing is a basic human need in rural America. USDA Rural Development's housing programs do more than provide a place for families to live. They stimulate economic activity through single-family home construction, rental assistance for those who need it, and funding for eligible very-low-income homeowners to enable them to keep their dwellings in good repair."
The economic impact of housing development goes far beyond home sales and construction. According to the National Association of Realtors:
The sale of an existing median-priced home ($173,000 in 2010) generates $58,529 in economic activity. This includes $15,570 in direct real estate industry support (fees for real estate agents, title companies, mortgage brokers); $5,235 in furniture, home furnishings, landscaping, etc.; and $9,987 in stimulated economic activity. New home sales generate even more economic activity, including the costs of construction materials and construction jobs, according to NAR.
Home ownership doesn't just benefit the individuals who live within a house's walls. Home ownership helps communities in a myriad of ways.