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June is National Homeownership Month

June is National Homeownership Month, a time to celebrate the benefits that homeownership brings to families, neighborhoods, and communities in Florida and across the country!

“Every day, Realtors promote housing opportunities and help people realize their dreams of homeownership,” says 2021 Florida Realtors President Cheryl Lambert. “Opening the door to homeownership helps families find security and stability. While buying a home is usually the biggest financial investment someone may make in their lifetime, it also offers a sense of place and community.”

This year President Joe Biden became the first U.S. president since George W. Bush to issue a proclamation recognizing June as National Homeownership Month. In a statement the White House reaffirmed the connection between homeownership and the American Dream, while recognizing the need to increase the ranks of homeowners, especially among people of color.

On his first day in office Biden took executive action to extend foreclosure moratoriums for nearly 11 million households with mortgages guaranteed by the federal government. The new administration also introduced and passed the American Rescue Plan, which will deliver nearly $10 billion in relief for homeowners who have fallen behind on their mortgage payments during the pandemic.

Homeownership On the Rise Again

Homeownership has long been the path to building wealth and achieving the American Dream. For many homeowners, owning and taking care of a home brings with it feelings of pride, security, and a sense of belonging. It also helps build lasting household wealth. A homeowner’s average net worth in 2019 was $254,500 – about 40 times that of a renter, according to the Federal Reserve.

After a historic low in 2006, with Florida one of the hardest hit states in terms of foreclosures, homeownership has been making a gradual recovery across the U.S. The homeownership rate in Florida was 68.10% in the first quarter of 2021, about 3% higher than the national average.

How to Observe #HomeownershipMonth

Use the hash tag #HomeownershipMonth to share your homeownership story on social media, and inspire others.

If you’re considering purchasing a home for the first time and don’t know where to start, be sure to check out our guide to first-time homebuying. A good realtor can show you many options and resources, but it’s also good to do your own research on market conditions, and ask friends who have bought a home for recommendations.

What We’re Doing

Challenges facing first-time homebuyers increased during the pandemic, with low inventory and interest rates driving growth in home prices and sometimes even sparking bidding wars. With the housing market as it is, there are only some things we can control, such as helping point potential homebuyers to homes and lenders where they’re more likely to have success, and helping them make informed decisions about when to buy and where.

The more knowledge we can share with homebuyers about everything from home loans to local school district rezoning, the more we can help folks get into homes and stay in their homes. Here are a few more resources we’ve put together to educate potential home buyers on the buying process and neighborhood factors.

The 4 Major Home Mortgage Loans Explained

7 Things to Consider When Searching for a New Home

Applying for the Florida Homestead Exemption

Gainesville Neighborhood Guides

Join us in celebrating June as Homeownership Month alongside homebuyers and sellers in communities across our beloved state, as we continue to help people realize the dream of homeownership.

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