In June of each year, Greater Chattanooga Realtors® joins other associations around the country to celebrate homeownership by showcasing individual homeowners, government officials, and various programs that protect and promote the American Dream of homeownership.
The purpose of Homeownership Month is to encourage current and future homeowners to advocate for homeownership and to ensure current and prospective homeowners have their voices heard at local, state, and national levels of government.
To many people, the very nature of owning a home offers a sense of pride and security. It also represents a testament to one’s hard work and sacrifices. As Realtors, we believe it is vital to take time out to observe and promote homeownership and the benefits it provides. In addition to personal pride in ownership, homeownership strengthens American communities, offers long-term, generational-building opportunities, and helps stabilize and solidify America’s broader economy.
Here is an interesting fact that really highlights the importance of real estate transactions to our economy. The measured impact of a single property sold in Tennessee for 2021, generated $93,000 for the economy. This amount is measured by the total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance.
And while prices have increased, the National Association of Realtors® (NAR) released a study showing that the U.S. homeownership rate surged 1.3% to 65.5% in 2020 – the highest annual rise ever – as 2.6 million more households became homeowners compared to 2019. This was the largest annual increase on record. More and more people are experiencing homeownership.
Throughout the year, REALTORS® are looking to engage current and future homeowners – to highlight the importance and critical benefits of homeownership in America. That’s Who We R®.