June is National Homeownership Month, a time dedicated to celebrating the benefits of owning a home and highlighting the importance of making homeownership accessible to more people and aiding in the creation of generational wealth. This month is also an opportunity for us to raise awareness about the critical role homeownership plays in fostering stable communities and enhancing overall well-being.

When I first started in real estate, I had the opportunity to work with a client who faced many obstacles in life, especially on the path to live independently and partake in the American Dream of Homeownership. Andrew had served in the military and suffered terrible PTSD and his path to homeownership was anything but straightforward. Andrew was working two jobs and because of instability in his youth, he “dreamed” of providing a stable home for himself but faced numerous obstacles. Saving for a down payment seemed an insurmountable challenge, and navigating the complexities of the real estate market was daunting. When Andrew approached me, he was discouraged but determined. We went for coffee and a donut and when I saw him fumbling in his pocket to pay for the snack, it tore my heart apart. I looked at him and told him “I had his back.” He hugged me with incredible strength; he almost broke me!

Together we developed a plan. First, I connected him with a lender and the three of us formulated a savings strategy and ways to improve his credit score. We explored various assistance programs designed for first-time homebuyers, which provided critical support for the down payment. Throughout the process, I guided Andrew in understanding market trends, evaluating neighborhoods and finding a home that fit his needs and especially his budget.

After 17 months of diligence and perseverance, Andrew found a perfect condo that was suitable to start his journey and was located between his two jobs. It was close to transportation and we had a great seller, who genuinely cared about our situation while we worked our way through the hurdles and traps. At our final walkthrough, the seller left a note that simply said, “thank you for your service.” I felt immense pride and was filled with such gratitude…words and phrases we hear so often BUT, NEVER ENOUGH!

At closing, I handed Andrew the keys and we had a group hug. It was an incredible experience for me, but, MOSTLY for Andrew, who literally sat there speechless. I noticed his shoulders bobbing and his hands over his face and the escrow agent and I, along with the seller, all surrounded him and the joy and pride in his eyes were unforgettable. His story is a testament to the transformative power of homeownership and the difference it can make in someone’s life. I am happy to say that almost 22 years later, he is still there and enjoying life in a way he never thought possible!

Homeownership extends far beyond having a place to live; it is a cornerstone of financial stability and wealth accumulation. For many, owning a home is the single most significant investment they will make, and it plays a crucial role in building generational wealth. Homeowners build equity over time, which can be leveraged for future financial needs or passed down to their kids or charities.

REALTORS® play a crucial role in this effort, advocating for policies that promote fair housing, offering educational resources, and connecting buyers with the best possible financial programs available. It is our job to advocate and represent by working to level the playing field. REALTORS® help more individuals achieve the dream of homeownership.

In addition to financial benefits, homeownership offers tax advantages by providing deductions on mortgage interest and property taxes. It also contributes to housing stability by offering predictability and freedom that renting cannot match. Homeowners are less likely to move frequently, fostering a sense of community and belonging as well as PRIDE.

Moreover, homeownership yields societal benefits. Research indicates that homeowners are more likely to be involved in their communities, contributing to local governance and community activities. Stable housing is linked to better educational outcomes for children and improved health and safety, as homeowners tend to invest more in their living environments.

Despite the numerous benefits, homeownership remains out of reach for many, particularly among minority groups. The U.S. homeownership rate stands at 65.2%, yet disparities exist. Homeownership rates are 44.1% for Black households, 51.1% for Hispanic, 63.3% for Asian, and 72.3% for White households. These statistics from NAR reflect underlying inequities in access to housing finance, affordability, and systemic barriers.

Workforce, accessible housing is vital for ensuring that everyone has the opportunity to reap the benefits of homeownership. REALTORS® play a crucial role in this effort, advocating for policies that promote fair housing, offering educational resources, and connecting buyers with the best possible financial programs available. It is our job to advocate and represent by working to level the playing field. REALTORS® help more individuals achieve the dream of homeownership.

The impact of homeownership extends beyond individual benefits to fuel broader economic growth. A typical home sale in Illinois, for example, generates an estimated $87,100 in economic impact. The real estate industry significantly contributes to the economy, accounting for $175.3 billion, or 16.2% of the gross state product in Illinois in 2023.

Navigating the journey to homeownership can be complex, but REALTORS® bring invaluable expertise to the process. As trusted advisors, REALTORS® help buyers find the right home, negotiate terms of sale and navigate price negotiations. For sellers, REALTORS® provide critical insights into pricing, marketing strategies and maximizing returns on their most valuable asset.

Even in the age of the Internet, the role of REALTORS® remains essential. Our local market knowledge, negotiation skills and personalized service make the homebuying and selling experience smoother and more successful. Our role now includes cultivating and sifting through the endless amounts of information available to provide excellence and expertise in translating what is the factual and most relevant information. Now with Artificial Intelligence (AI) entering the landscape, it is more critical than ever to be represented by a professional!

National Homeownership Month is a time to celebrate the profound impact of homeownership on individuals, families and communities. It underscores the importance of making homeownership accessible to all and recognizes the pivotal role REALTORS® play in turning the dream of owning a home into reality. As we acknowledge the benefits and work towards greater inclusivity in homeownership, we build stronger, more vibrant communities for the future and help level the disparities in all brackets to find fair and equal housing!

About the writer: Matt Silver is the 2024 Illinois REALTORS® President.