June 14, 2021- Peoria, Illinois. Each year during the month of June, the Peoria Area Association of REALTORS® takes the opportunity to celebrate homeownership by showcasing individual homeowners, government officials, and various programs that protect and promote the American Dream of Homeownership.
Homeownership Month was created both to encourage current and future homeowners to be advocates for homeownership and to ensure current and prospective homeowners have their voices heard at local, state, and national levels of government.
To many, the very nature of owning a home offers people a sense of pride and security. It also represents a testament to one’s hard work and sacrifices. As an organization, Peoria Area Association of REALTORS® believes it is vital to take time out to observe and promote homeownership not only for the personal benefits it provides, but also because of its proven ability to strengthen American communities, offer long-term, generational building opportunities, and for the institutions ability to stabilize and solidify America’s broader economy.
To that point, real estate is an essential driver of our economic growth, accounting for more than 16%- or $3 trillion- of America’s Gross Domestic Product. In the United States, home sales support more than 2.5 million private-sector jobs in an average year. And over this past year, thanks in part to millions of dedicated REALTORS® and countless hardworking homebuyers, the real estate industry did its part to keep the country’s economy afloat during the pandemic.
A recent study from NAR- the Social Benefits of Homeownership and Stable Housing Report- shows that homeowners tend to be happier and healthier. On average, they vote more, volunteer more, and contribute more to their communities. And their children tend to perform better academically and socially, too.
As Homeownership Month continues, Peoria Area Association of REALTORS® hopes to facilitate a conversation- engaging current and future homeowners- to highlight the importance and critical benefits of homeownership in America.