The City of Elk River Shines Light on the Importance of Homeownership
24 Jun 2021
June is National Homeownership Month, a time for raising awareness about the benefits that homeownership brings to families, neighborhoods and communities alike. The real estate market is thriving, and the City of Elk River is striving to make homeownership a reality for individuals who dream of owning a home. Homeownership is important, and we can help you find the connections you need to become a homeowner too.
Why Homeownership Matters
One of the main cornerstones of the “American Dream” is owning a home.
Homeownership brings a sense of pride, financial stability and equity to the individual. Many homeowners even benefit from tax deductions and monthly mortgage payments that are more affordable than the average rent. Buying a home is considered one of the best and most reliable long-term investments. Residential real estate typically rises in value over time. In addition to the personal benefits, homeownership plays an important role in sustaining prosperous communities.
Homeownership grows the community tax base, reducing the individual’s tax burden. Research shows that higher homeownership percentages directly correlate with lower crime rates. Homeowners tend to volunteer more, buy more goods and services from local business owners, support local educational systems and benefit the economy more overall. Homeowners are even more likely to be involved in local civic engagements and elections. An additional benefit of homeownership for the community is that one new job is supported from every two home sales, according to NAR calculations.
Elk River Supports Homeownership
The City of Elk River Economic Development team offers great resources for potential home buyers through connection with the Elk River Housing and Redevelopment Authority . Our website provides an easy to navigate housing section and information about the high quality of life in the Elk River Area.
In addition to these helpful tools, our Rehab Loan Program provides homeowners with the opportunity to make housing and property improvements. These improvements will further increase the value of your property. The Elk River Home Improvement Loan Program is designed to supplement existing loan programs available from MHFA, CEE, private lenders and other housing resources.
Owning a home is one of the best ways to build wealth. Home prices continue to rise in the current market, resulting in a higher resale value. Mortgage rates are low and steady, presenting a unique opportunity for homebuyers to purchase with a lower monthly payment. Homeownership has many benefits, but it has to be sustainable for the buyer. Elk River Economic Development can simplify the process, assist you on your journey to making this dream a reality and direct you to financing options for property improvements.
National Homeownership Month is the perfect time to explore purchasing a home. Elk River Economic Development is in the business of helping families become part of the community. Click here to explore life in Elk River.