National Homeowners Day is celebrated on December 26 every year and was founded by Paisley Vartanian in 2020. It’s believed this is the ideal day to put an offer on a house in order to have optimal savings. Being a homeowner is a big milestone for many people, and they also see it as a secure investment for their future. Celebrating this day is important in the present-day landscape where property prices are at an all-time high and housing crises keep occurring in different markets. This encourages prospective homeowners to buy homes and help support the economy.
History of National Homeowners Day
During the 1800s, most people could not own a house. There was no system of getting a mortgage from a bank, and only the very rich were able to own homes. People either weren’t able to afford it or banks didn’t lend money to the average person. Mortgages were only introduced when the U.S. banking system was stabilized after the National Banking Acts were established in the 1860s.
Thanks to these acts, banks also started lending money to more people and by the 1890s, mortgages had become popular throughout the U.S. Unlike the mortgages that we know today, these required a 50% down payment and could only be paid through monthly interests that the loan generated.
When the Great Depression occurred in 1929, banks no longer had any money to lend. It was a major economic crisis and the whole country suffered. The homeowners who had taken loans out also didn’t have any money to pay for monthly installments, and hence, they defaulted. Many homes also went into foreclosure.
Nothing stays the same forever and once this period passed, banks stabilized once again and the housing market boomed. By the 1950s, over 50% of Americans were homeowners for the first time in history. Buying homes had become very common by then, and there were real-estate brokers to assist potential customers with their home-buying journey. The real-estate profession also boomed along with the increase in homebuyers.
National Homeowners Day timeline
Most people cannot own a house due to a lack of money or the unavailability of mortgages.
Mortgages are introduced after the National Banking Acts help reform U.S. banking.
Due to the economic crisis, banks stop lending money, and it deters many potential homeowners.
The majority of Americans become homeowners for the first time in history.
National Homeowners Day FAQs
What are the benefits of owning a home?
Owning a home helps you to save in the long term since you’re not paying rent. It also provides many tax advantages.
When is National Homeownership Month?
National Homeownership Month is celebrated in June. It is a month when homeownership is celebrated by families and communities throughout America.
Is National Homeowners Day a public holiday?
No, this day is not a public holiday. Banks and government offices function on this day.
How To Celebrate National Homeowners Day
Own a home
The best way to celebrate this day is by starting to save for your future home. Take out your budget planner and get to it!
Celebrate the home you already own
This day is not just for potential homeowners. Current homeowners can celebrate this day by calling a few people over and throwing a house party.
Encourage others to start saving
Saving is a healthy habit to inculcate in anyone. Use this day as an opportunity to encourage others to start early.
5 Interesting Facts About Homeownership
Six out of 10 Americans are homeowners
Presently, 63% of Americans own their homes.
Homeownership is a forced-savings mechanism
Homeownership is essentially a real-estate investment that helps families build wealth.
Homes are usually an appreciating asset
When the land value goes up, it increases the selling price of your home.
It's difficult to qualify for home loans
Due to the housing crisis, it has become especially difficult to qualify for home loans and take out mortgages.
Non-white homebuyers face discrimination
Prospective homeowners of color face discrimination from real estate agents as well as during loan applications.
Why We Love National Homeowners Day
It supports the economy
Owning a home should be encouraged because it supports the economy. It keeps the market steady.
It encourages potential homeowners to buy homes
This day is a reminder to all prospective homeowners to start planning early. Many things go into buying a home, and it’s never too late to start thinking about it.
It's an investment for the future
Buying a home is an investment for you and your family. It ensures that you have a place to live and also helps you accrue wealth.
National Homeowners Day dates