June is National Homeownership Month, where we recognize and celebrate the enrichment homeownership brings families and communities. Check out these facts about homeownership you may not have known to kick off the celebration.
A Little History
National Homeownership Month has evolved over the years to get to where it is today.
1920’s: The concept for celebrating homeownership begins as a week-long celebration thanks to local realtor associations wanting to promote the idea of homeownership.
1956: The National Association of Realtors picks up the concept and celebrates it officially.
1976: The week is officially renamed Private Property Week.
1986: Renamed again to American Home Week.
2002: President George W. Bush proclaims June as National Homeownership Month as the celebration is absorbed into an initiative created by the Department of Housing and Urban Development (HUD).
Today, the mortgage industry continues the message of helping people realize the dream of responsible homeownership.
6 Facts About Homeownership You May Not Have Known
Whether you’re searching for your first home or you’re a long-time homeowner, these six facts about homeownership may surprise you!
1. The world’s biggest house is 400,000 square feet.
Ever wish you had more space in your house? The world’s biggest house has room to spare at a whopping 400,000 square feet. This massive house is owned by Mukesh Ambani and is located in Antilia in Mumbai, India. According to the Guinness Book of World Records, it has a towering 27 stories, multiple swimming pools, and 168 parking spaces!
2. The world’s smallest house is 25 square feet.
The world’s smallest house may put your current living situation in perspective. Glen Bunsen created this tiny house which is only 25 square feet. Don’t let its small size fool you. This house still has a sink, stove, and shower within it. Its compact size allows this house to fit in a van for a transportable living experience.
3. Having a mortgage can improve your credit score.
Some people believe that having a mortgage can lower their credit score since it’s a large loan they’ll have to pay off. However, that’s not actually the case. Making your mortgage payments on time can actually improve your credit score. Since your credit score is based on many factors, those on-time payments can demonstrate responsible borrowing behavior.
4. You can reduce your mortgage interest.
The amount of interest you owe on your mortgage isn’t set in stone. In fact, with some careful planning, you can reduce your mortgage interest. You can chip away at the balance and, ultimately, the interest owed by consistently making mortgage payments above the minimum required or additional monthly mortgage payments.
5. Searching for a home takes an average of 8 weeks.
Those starting the homebuying process may find themselves impatiently waiting for closing day to have their house keys in hand. But first, those homebuyers need to find their dream home. According to a NAR survey, on average, home buyers take eight weeks to search for a home. While there are always outliers to those numbers, it’s always a good idea to give yourself plenty of time to search for your new home.
6. Millennials make up the largest share of homebuyers.
There’s been a lot of talk about the real estate market over the last few years. If you’ve been wondering who makes up the lion’s share of the market, that goes to the millennials. According to the 2022 NAR survey, millennials make up the largest percentage of homebuyers at 43%. In fact, they’ve been the largest share of buyers since the 2014 NAR report.
What may surprise you even more than these 6 facts about homeownership is how attainable homeownership can be! A mortgage professional can match you with a program that fits your financial needs and help streamline the homebuying process.
About Michigan Mortgage Lender, Julie Krumholz from Superior National Bank
For over 35 years, Julie has helped homebuyers from all walks of life make the dream of homeownership a reality. Julie has worked in processing, closing and loan origination, underwriting, QC auditing and has even co-owned a mortgage brokerage firm. She uses her experience to match individuals with the best mortgage program possible and helps them navigate the homebuying process for a smooth transition into homeownership.
