The housing market has seen a lot of changes during the past decade. There have been bubbles and busts, and now a gradual, but real, economic recovery that is causing the housing market to rise again. In broad terms, Maryland’s housing prices are steady and slowly moving upwards, and there are some modest increases in interest rates.
While some people continue to struggle with the impacts of the housing crisis, owning a home remains a good financial decision for many people. Communities benefit from homeownership through improved health and school outcomes, increased civic engagement and volunteerism, and reduced crime. For individuals and families, the ability to build wealth and equity, the pride of ownership and the freedom and flexibility that come with being able to invest in and modify a property are important.
The following reasons are why most people want to own their own home: