The lasting value of homeownership
Posted October 18, 2011 1:21 p.m. EDT
Updated July 13, 2018 2:03 p.m. EDT
By Chad D. Collins
For New Homes & Ideas, Jodi Sauerbier, Publisher
During National Homeownership Month that was in June, the housing industry celebrates the many benefits of owning a home. Despite the downturn in the housing market, families continue to seek to achieve the American Dream of homeownership and take their place among the more than 74 million Americans that own a home.
The value Americans place on owning their home continues even through times of economic hardship. The Fannie Mae National Housing Survey conducted in January 2010 showed that two-thirds of American adults said they still preferred owning a home. And 70 percent of respondents said they believe buying a home continues to be one of the safest investments available.
Home appreciation over the long term builds financial security for a family’s future. But most home owners don’t have to wait for the home’s value to increase to realize the financial benefits. Right from the first year, the majority of home owners are able to annually deduct the mortgage interest and property taxes they paid off their taxable income. This can mean thousands of dollars saved off a family’s tax bill every year.
When the family sells the home, the capital gains exclusion exempts up to $250,000 of the profit ($500,000 for married couples) from taxes... To read more on the Lasting Value on Homeownership click here.