June is National Homeownership Month! Rebuild Upstate exists to repair the homes of our low-income neighbors by making homes safer, healthier, and more livable. By focusing on repairing owner-occupied homes, we protect a financial asset, we protect equity, we protect communities and help neighborhoods thrive.
68% of South Carolina residents live in owner-occupied housing. At Rebuild Upstate, we believe protecting homes protects those living inside them.
Here are 5 benefits of homeownership to share as we celebrate National Homeownership Month.
Unlike renting, each mortgage payment is an investment in the homeowner’s financial stability. Over time, homeowners own more of their home. After paying off a mortgage, homeowners can reduce their monthly living expenses to just home maintenance and updates.
When a home is yours – it’s yours! Pride in a home can spread into the pride of a neighborhood or community, keeping communities healthy and engaged.
With a fixed mortgage, there is no guessing if or when your living expenses will increase. Proper savings for emergencies, repairs, or maintenance is easier to plan for if home expenses are within a healthy range.
Stability and Connection
Moving is expensive and can be disruptive to work or education. Staying in one place provides stability needed to thrive as an employee, student, or neighbor. Connectivity allows neighbors or family close by to count on each other during emergencies or help neighbors to age in place.
Homeowners qualify for particular tax incentives that could save money. Homeowners can deduct a portion of loan interest and save money.