June is National Homeownership Month, a time of year when the Northeast Florida Association of REALTORS® and other associations across the U.S. celebrate the importance of owning a home and the impact it has on the lives of American families, local communities, and the nation’s economic health.
Every day, REALTORS® promote housing opportunities and help people realize their dreams of homeownership. 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 is not 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. A homeowner’s average net worth in 2019 was $254,500 – about 40 times that of a renter at $6,270, according to the Federal Reserve.
President Joe Biden has issued a proclamation recognizing June as National Homeownership Month, showcasing homeownership as source of economic strength and the need to increase the ranks of homeowners, especially among minorities.
“For millions of Americans, homeownership is the cornerstone of life with security, with dignity, and with hope. A home is more than four walls and a roof; it is a place where we can celebrate triumphs and weather the trials of life. A place where we can watch our families grow and prosper. A place that helps us build wealth we can pass down to our children and our grandchildren. The aspiration to own a home is connected deeply to the American dream. It has driven generations of Americans, in search of a place to call one’s own,” said Biden in the proclamation.
According to the U.S. Census Bureau, the homeownership rate in Florida was 68.10% in first quarter 2021. The U.S. homeownership rate was 65.6% for the same period.
This national spotlight on homeownership began as a weeklong recognition in 1995 and was first proclaimed to last the entire month of June in 2002 under former President George W. Bush.
REALTORS® are celebrating June as Homeownership Month with homebuyers and sellers in communities across Northeast Florida, and the U.S. Department of Housing and Urban Development (HUD) offers more information about homeownership, housing policies, programs, counseling and more here.