National Homeownership Month and a better future

National Homeownership Month and a better future Main Photo

8 Jun 2022


Across the country, National Homeownership Month is celebrated in the month of June every year. Owning a home renders great value to families, communities, and neighborhoods across America, and by becoming a homeowner, a person gets one step closer to fulfilling the American dream. The month of June celebrates the joys of becoming a homeowner, bringing manifold advantages with it. 

Why homeownership?

  • For a better future
    • Homeownership helps to build on your options for the future. Owning a home can aid you in making a profit when you plan to sell, assisting you in leveraging your home equity or paying for other expenses. 
  • For the benefit of a community
    • Homeownership is closely connected with the economy. When home sales rise, jobs go up too. And together, these forces contribute to a stable economy on all levels - local, state, and national. 
  • For a sense of belonging
    • When you are a homeowner you begin to stay invested in your community; getting involved in activities and volunteering for charity and other events adds to a sense of belonging that is much greater than for a person who is just a renter.

When you are a homeowner the whole community benefits

The housing industry as a whole is closely linked to the economy. When home sales go up, so does the rate of employment. Together, these two forces help to create a more stable economy. 

The community and the economy benefit when property owners pay real estate taxes - these funds are used for many infrastructure services and projects, some of which include:

  • Road building and repairs
  • Construction of schools
  • Library operations
  • Government social services
  • Police and fire departments
  • Parks and recreation etc. 

The advantages of homeownership go beyond the financial benefits, in fact, many of them are intangible. A person buying a home in an area often stays there for many years, and over time, the owner starts getting involved in activities surrounding the community. This helps to create a sense of belonging, a benefit that spills over into building a strong community and network. This sense of belonging in homeowners is greater than in renters. 

Starting with the homeowner and continuing throughout the community, homeownership brings many benefits, financial, tangible, and intangible. 

A wide array of options for homeowners in the City of Elk River

The HRA or the Housing and Redevelopment Authority is a public corporation in the City of Elk River that is empowered to undertake certain types of housing and redevelopment projects. Projects may include such activities as planning, acquisition, clearance, rehabilitation, and construction to provide safe housing for persons of low and moderate income. The City of Elk River Housing and Redevelopment Authority (HRA) has also developed a program to meet the untapped need for assistance with demolition and other redevelopment activities when either there is no current development plan or where future development visions are hindered by current blight.

Connect with us here to know more about housing development in the City of Elk River.