National Homeownership Month: Owning a home has many benefits

For many of us, a home is more than just a residence. It is a place that evokes a feeling - that of pride, security, comfort, and joy. A home is where we can face life’s challenges and watch our children grow. Across the country, National Homeownership Month is celebrated in the month of June every year. Owning a home renders great value to families, communities, and neighborhoods across America, and by becoming a homeowner, a person gets one step closer to fulfilling the American dream. The month of June celebrates the joys of becoming a homeowner, bringing manifold advantages with it. 

Why homeownership?

• For a better future
  • Homeownership helps to build on your options for the future. Owning a home can aid you in making a profit when you plan to sell, assisting you in leveraging your home equity or paying for other expenses. 
• For the benefit of a community
  • Homeownership is closely connected with the economy. When home sales rise, jobs go up too. And together, these forces contribute to a stable economy on all levels - local, state, and national. 
• For a sense of belonging
  • When you are a homeowner you begin to stay invested in your community; getting involved in activities and volunteering for charity and other events adds to a sense of belonging that is much greater than for a person who is just a renter.

When you are a homeowner the whole community benefits

The housing industry as a whole is closely linked to the economy. When home sales go up, so does the rate of employment. Together, these two forces help to create a more stable economy. 

The community and the economy benefit when property owners pay real estate taxes - these funds are used for many infrastructure services and projects, some of which include:

• Road building and repairs
• Construction of schools
• Library operations
• Government social services
• Police and fire departments
• Parks and recreation etc. 

The advantages of homeownership go beyond the financial benefits, in fact, many of them are intangible. A person buying a home in an area often stays there for many years, and over time, the owner starts getting involved in activities surrounding the community. This helps to create a sense of belonging, a benefit that spills over into building a strong community and network. This sense of belonging in homeowners is greater than in renters. 

Starting with the homeowner and continuing throughout the community, homeownership brings with it many benefits, financial, tangible, and intangible. 

GROW South Dakota’s Housing Programs

For more than half a century, the three nonprofit organizations comprising GROW South Dakota have fulfilled a vision of “GROWing sustainable communities through housing, community, and economic development.” GROW South Dakota is a HUD-approved Housing Counseling Agency and Housing Education Resource Organization (HERO) offering individual and online education for homeownership. We also offer one on one pre-purchase, rental counseling, and financial management for homeowners.  
GROW South Dakota's direct loan program supports individuals and families making their dream of homeownership come true with the financing of a home purchase.  Our experienced staff will be with you every step of the way.  Our loan program provides funds for the purchase of a new or existing home in the state of South Dakota.  GROW SD will finance loan amounts up to $300,000. 

Preparing for homeownership? Click here, and let’s get started!