Why we celebrate National Homeownership Month

Each June, we celebrate National Homeownership Month. This month is dedicated to the value of owning a home for individuals, families, and communities. The celebration of National Homeownership began in 1995 with National Homeownership Week, and in 2002, it moved to a month-long celebration.

This year, National Homeownership Month feels more poignant than the previous year. According to a survey from Fannie Mae, only 18% of Americans believe that now is an excellent time to buy a home, and 82% of Americans think high home prices are a barrier to homeownership. It’s hard to argue with these concerns when the survey data shows that there has been a 58.7% increase in home prices since 2014. Despite people’s pessimistic attitude about buying a home today, the younger generation still believes homeownership is a key to financial stability and security, according to 65% of the Gen Z survey respondents.

The real estate market is tough right now. Prices and mortgage rates are high, but it doesn’t mean homeownership is out of your hands. We’ve been in this situation before as a nation. According to the history of National Homeownership Month, during the Great Depression, people couldn’t get mortgages. So, the government created the Home Owners Corporation, the Federal Housing Administration, and the Federal National Mortgage Association. Over time, these organizations have evolved into the Federal Housing Administration.

But the G.I. Bill of 1944 kicked off homeownership in our nation. After WWII, veterans returned and could get subsidized mortgages to buy homes. This program led to record home ownership in the 1950s and later additional programs to help subsidize home ownership. Today, the Federal Housing Administration (FHA) has several programs available for veterans, first-time home buyers, and rural home buyers to become homeowners. Over the 87 years since the FHA programs have helped 44 million Americans become homeowners.

These programs are still available to help you buy a home, and we can help you take advantage of them. Many of these loan programs can make homeownership much more feasible, even during tough market conditions like we are currently experiencing. If you’re ready to celebrate National Homeownership Month by becoming a first-time homebuyer this year, visit your local PRMI loan advisor to see how we can help you take advantage of these programs.