A row of beautifully colored homes.

Congratulations, Homeowners!

It is an accomplishment and a responsibility to be a homeowner. It is often the result of many years of dreams and hard work.  We offer information here to assist you with your mortgage and with the other responsibilities you now face.

 

Financial Benefits of Homeownership

Homeownership is the principal source of wealth accumulation for a majority of Americans.

In addition to the growing equity in your home:

  • owner-occupants are insulated from rapidly rising housing costs, particularly if they have fixed-rate financing
  • homeowners can have greater capacity for accruing savings in other financial assets
  • the deductibility of mortgage interest and property tax payments serves to lower the after-tax cost of homeownership

 

Social Benefits

An important social benefit of homeownership is better life outcomes for children that grow up in owner-occupied homes.

Homeownership is thought to benefit children by several mechanisms:

  • Homeownership may enable greater residential stability, which benefits children by providing a stable social and educational environment
  • homeownership may provide children with a more nurturing home environment
  • owners will have more financial resources available to invest in their children’s education and health care.

A wide range of better outcomes in children have been attributed to homeownership, including higher educational attainment, less delinquency, lower rates of teenage pregnancy, and higher rates of subsequent homeownership.

 

 

Additional information:

Wealth Accumulation and Homeownership: Evidence for Low-Income Households - US Department of Housing and Urban Development

Field Guide to Social Benefits of Home Ownership - National Association of Realtors


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HOUSING DIVISION | MONTANA DEPARTMENT OF COMMERCE
301 S. PARK AVE, STE 240 | PO BOX 200528 | HELENA, MT 59620-0528 | P: (406) 841-2840 | F: (406) 841-2841 | TDD: (406) 841-2702 | TOLL FREE: (800) 761-6264