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ORLANDO, Fla., June 13, 2018 – June is National Homeownership Month, a time of year when Florida Realtors, Realtors across the U.S. and others celebrate the importance of owning a home and the impact it has on the lives of American families, local neighborhoods and the nation’s economic health.
This year’s theme is National Homeownership Month 2018: Find Your Place, according to the U.S. Department of Housing and Urban Development (HUD).
“Realtors work every day to promote housing opportunities and help people realize their dreams of homeownership,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “Opening the door to homeownership helps families find security and stability. While buying a home is usually the biggest financial investment someone may make in their lifetime, it also offers a sense of place and community. The impact of homeownership isn’t just measured in dollars and equity, but in the priceless memories of the lives that people share and the future they build together in their homes.”
For generations of families, homeownership has been essential to achieving the American dream. Beyond the emotional benefits, homeownership builds household wealth.
Recognizing June as National Homeownership Month encourages all in the real estate and housing industries to promote homeownership as source of economic strength and to increase the ranks of homeowners, especially among minorities. According to the most recent U.S. Census data, the homeownership rate in Florida for first quarter 2018 was 65.5 percent; the U.S. homeownership rate was 64.2 percent for the same period.
Did you know? According to HUD officials:
- The median net worth of a homeowner is nearly $200,000 – 36 times greater that of the median renter who had just over $5,000.
- Homeowners move far less frequently than renters, making it easier to build community networks and support systems.
- Children of families who own their homes are more likely to graduate high school and earn more income later in life.
- In 2017, more than 1.2 million people turned to the Federal Housing Administration (FHA) to help them buy a home or to refinance into a lower-cost mortgage.
- Today, an estimated 40 percent of all borrowers turn to FHA to purchase their first home.
- Forty-four percent of home purchases by African American families and 43 percent of home purchases by Hispanic families are assisted by FHA.
- HUD’s Office of Housing Counseling (OHC) supports a nationwide network of more than 1,800 housing counseling agencies. Their mission is to provide individuals and families with the knowledge they need to obtain, sustain and improve their housing.
Recognition of homeownership began as a weeklong celebration in 1995 and was later proclaimed to last the entire month of June in 2002 under former President George W. Bush.