If you are thinking about purchasing a home for the first time this year, then you are not alone. The desire for homeownership is deeply rooted as the “American Dream”.  The National Association of Realtors said First-time homebuyers accounted for 40% of homes purchased in 2005 with half of those first timers between 25 and 34 years of age.

Homeownership is thought to be an important element in achieving personal fulfillment. When asked to define the good life, polls have shown that many Americans value owning a home over such factors as an automobile, a happy marriage, high paying job, and or good health.

Other benefits to homeownership:

Home Owners provide stability. Home owners typically stay in their home 12 years while renters stay no longer than 3 years.

Home ownership builds wealth: The median net worth of homeowners is higher than those of renters in the same income group.

Home ownership creates a positive environment for families. Children of homeowners are more likely to become homeowners.