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Home sweet home

Posted 7/5/22

Home ownership has long been associated as a core component of achieving the “American

Dream.”

Besides the psychological benefits of pride and security that come from knowing …

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Home sweet home

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Home ownership has long been associated as a. core component of achieving the “American Dream.”

Besides the psychological benefits of pride and security that come from knowing you have a place of your own, purchasing a home is one of the most important investments someone can make in their life.

It’s understood that markets move in cycles, but owning property or real estate will always appreciate to some degree over time. Homeownership can offer tax benefits, build generational wealth and foster a greater sense of community.

According to some of the most recent statistics from the National Association of Realtors (NAR), homeownership rates in the United States surged 1.3 percent to 65.5 percent in 2020, the highest annual rise ever, as 2.6 million more households became homeowners compared to 2019.

Despite these numbers, owning a home remains just out of reach for many Americans. The NAR says that Black Americans continue to face significant obstacles along the path to homeownership.

“The homeownership rate for Black Americans – 43.4 percent – trails behind that of a decade ago (44.2 percent in 2010),” says a February, 2022 article from NAR. “Conversely, White Americans (72.1 percent), Asian Americans (61.7 percent) and Hispanic Americans (51.1 percent) all achieved decade-long highs in homeownership in 2020, with the rate for Hispanic Americans setting a record and reaching above 50 percent for the first time.”

This comes at a time when the average home prices have increased as much as 30 percent since 2019. Fueled by the pandemic and other economic factors, record-high prices and low inventory have put the dream of homeownership on pause for many.

With all this in mind, there are initiatives in Sullivan County to create more homeowners at the same time as restoring properties and neighborhoods. As reported on Friday, the Sullivan County Land Bank and partners held a ceremony to celebrate the closings of three properties.

A nonprofit public authority overseen by an independent community board, the Land Bank has been working for years to rehabilitate blighted properties and return them to productive use.

Through the Land Bank and other initiatives, it can be possible to breathe new life back into neglected neighborhoods while giving first-time home buyers a chance to pursue the American dream.

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