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Like other aspects of the housing discourse in the United States today, the question, “What does homeownership mean?” has many answers. We’ve looked at history of the mortgage and some negative consequences of using them to finance the acquisition of detached, single-family housing units. The drive toward homeownership, however, is more than financial but multifaceted. It is worth taking a look at the values proposition of what we call homeownership quantitatively and qualitatively. Since the end of World War II, many households benefit from being part of the process and success of homeownership.
If there is to be some change to that process understanding these benefits and aspirations are central. According to the National Association of REALTORS®, “between 2016 and 2021, the typical homeowner accumulated approximately $144,400 in home equity, primarily due to property value appreciation.”