Article by Jay Pitney, HBAR President
Homeownership is gaining momentum across the country. According to the latest data from the Census Bureau’s Housing Vacancy Surveythe U.S. homeownership rate is 65%. In the Northern Illinois market area of the HBA of the Greater Rockford Area, homeownership is above 70%. Homeownership endures as the foundation of the American dream, and that’s why the home building industry is celebrating National Homeownership Month in June.
Homeownership builds stronger communities, provides a solid foundation for families and improves the quality of life for individuals in our community. For many, owning a home is a positive step in creating a source of net worth. Home equity for U.S. home owners continues to rise. Building equity when the value of a home appreciates is one of the significant long-term financial benefits of homeownership. Home owners count on their home equity to fund retirement, their children’s education and other needs.
Homeownership also increases stability for our area. A commitment to a community fosters civic participation. Through volunteering, school and church activities, and property maintenance, homeowners contribute to making strong and healthy neighborhoods and cities.
The Home Builders Association of the Greater Rockford Area is comprised of a network of craftsmen, innovators and problem solvers dedicated to building homes, enriching our community and boosting our local economy. Everyday our members strive to provide safe, energy efficient, affordable housing for families in Northern Illinois. We are proud to contribute to the American Dream of homeownership.