Despite the news headlines, individuals continue to buy and sell homes. According to an National Association of Home Builders (NAHB) analysis, in May 2022, 88% of homes sold were on the market for less than a month. For many Americans, owning their own home is worth the time and investment.
The benefits of buying a home are numerous. New homes available on the market today are designed to accommodate a variety of lifestyles, from busy on-the-go families to flexible spaces ideal for spending more time at home. In addition, many new homes feature a variety of floor plans and amenities to complement everyday family activities.
And today’s homes are more energy efficient than ever. With innovative materials and construction techniques, new homes are built to be much more energy efficient than homes constructed a generation ago. As a result, not only can they be more affordable to operate, but new homes also are significantly more resource-efficient and environmentally friendly.
Building standards have changed a great deal over the decades, almost as fast as technology has evolved. Due to this evolution, new homes can accommodate today’s advanced technology and be customized to meet the individual home owner’s needs. And knowing that the house was built by a qualified professional to adhere to the latest safety codes gives the owner added assurance.
Many benefits are not tangible but similarly valuable. For example, one of the built-in benefits of many new homes is the forming of a new neighborhood. When families move into a new community at the same time, lasting bonds of friendship and neighborliness often form right away. Many home builders will host community block parties in these developments to help neighbors of all ages meet and connect.
For many people, a home is the single best long-term investment and a primary source of wealth and financial security. The contrast of wealth-building opportunities between home owners and renters is striking. On average, someone who owns their home has a household wealth of $255,000 compared to a renter with an average household wealth of $6,300. Americans count on their homes for their children’s education, retirement and overall personal sense of well-being.