The value of homeownership has been questioned by the media as Americans struggle in the current recession. But the truth is that most families are happy about their choice to buy a home.

Bankrate, Inc., a financial publishing company, recently surveyed more than 1,000 randomly-selected adults about their home purchase and 90 percent responded that they don’t regret buying their home.

Even during tough economic times such as these, many homeowners realize that the benefits of homeownership are overwhelming — especially in a time where housing affordability is at its all-time high. According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), 72.3 percent of all new and existing homes sold in the second quarter of 2010 were affordable to families earning the national median income of $64,400. At the end of 2007, only 46.6 percent of homes were affordable to families earning the median income.

What are some of the other benefits?

An immediate benefit is that interest rates are at record lows and there is a wide selection of homes on the market to choose from.  It’s a buyer’s market.  Purchasing a home now will allow you to negotiate for more items on your wish list than when the housing market recovers and you may have to compete with others for your dream home.

A little further down the road, when filing your federal tax returns, you will be able to claim two deductions — the mortgage interest deduction and the property tax deduction.

Much of your monthly payment, especially in the first few years after buying a home, goes towards the interest on the loan and not the principal. The federal government allows you to deduct those interest payments from your taxes in most cases. State and local property taxes paid on the assessed value of the home are also deductible on your federal return.

For many home owners these combined tax deductions can result in a tax savings between $5,700 and $11,400, depending on filing status.

Also, homeownership is the biggest source of net worth for most families.  It is the one investment that not only can help you put your kids through college or retire comfortably in the future , it can also be used to house your family and create lifetime memories and a strong, healthy community in the meantime.  You can’t get that from a stock or a bond.

These are just a few examples of the financial savings and other advantages of homeownership.  Learn more in the free “Opportunity Knocks” brochure available from the National Association of Home Builders.

If you are interested in purchasing a home, we’d love to help you with this investment.  Call Penn Homes and we can help you with one of our floor plans and three of our communities.

The market here in Shreveport, LA has definitely picked up. We have been blessed as our local economy has remained strong these last two years. Here at Penn Homes we have not had unsold homes on the ground. Everything has sold. And now suddenly calls are flooding our offices and website hits are increasing daily as people rush to capture the tax credit before time runs out. First time homebuyers may be eligible for an $8000 tax credit. This amount is based upon your MAGI.

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