According to HouseLogic home ownership can have a significant impact on your quality of life and positive impacts for the local community:
- every two homes sold creates one job
- every home sold creates as much as $60k in economic benefits over time ( trips to home depot, yard maintenance, maid service, etc.)
- increase your net worth
- increase community participation
There is currently a home ownership debate going on in this country, mostly centered around the Mortgage Interest Tax Deduction. Since 37% of Home owners with mortgages spend more than 30% of their disposable income on their mortgage, a tax deduction makes a big difference. The money saved tends to go back into the economy. Plus, if housing is more affordable then more can purchase a home, which keeps home prices stable for existing home owners with an obvious economic benefit.
Click here for more information on this debate.