For some, homeownership represents financial stability. For others, it represents community. And for others still, homeownership represents a sense of security and privacy. Our homes are much more than the wood, nails, shingles, hinges, etc. that comprise them. They are our safe havens. As President Joe Biden said in his national proclamation marking June as National Homeownership Month: “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.”
What began as a weeklong celebration in the 90s has now developed into a nationally proclaimed monthlong focus on the benefits of homeownership to our communities and our economies. And the benefits are many. The National Association of REALTORS® estimates the real estate industry account for $33.8 billion (15%) of Alabama’s gross state product in 2020. That’s roughly $72,900 per typical home sale. Nationally, real estate transactions contribute to roughly 17 percent of our country’s gross domestic product (GDP). One job is generated for every two home sales, according to NAR, with each home sale contributing an estimated $58,500 to the nation’s GDP.
Of course, while the economic benefits of homeownership are important, the most important aspect is you, your neighborhood, the community you call home. REALTORS® are honored to have the ability to help shape those experiences while walking clients through one of the most important decisions they will likely make during each stage in life.
Whether you are considering purchasing your first home or have owned a home for decades, join us in celebrating the American Dream and the people, policies and programs that make it possible.