New Home Owners Day is celebrated on May 1 every year. There’s nothing like the feeling of finally having the key to your dream home, starting fresh, and living comfortably. For others, it’s not just having a house to live in and a bed to sleep on. It’s about achieving what you have been saving for years, calling the space your home, and making new memories. It’s a place where you can start a family, where your kids can grow, and where you can retire. The pride of finally having your own home is unprecedented and should be celebrated.
History of New Home Owners Day
Homeownership in the U.S. didn’t come easy. Most people in the early 1800s didn’t have any means of owning a house. For one, real estate is extremely expensive and most banks wouldn’t grant loans to an average American. However, the U.S. banking system stabilized in the 1860s due to the National Bank Acts. This allowed for mortgages to be a common system in purchasing a house.
Mortgages started in an experimental phase but proved to be effective for many people. By the 1890s, mortgages were then popular with most middle-class citizens. In the early 1900s, mortgages had a term of five years and would require a 50% down payment. This is a completely different system to modern mortgages today where there’s a 30-year term with only a 5% to 20% down payment requirement.
There was a great hiccup during the Great Depression as most banks couldn’t afford to lend money. This resulted in many potential homeowners’ inability to purchase while existing homeowners defaulted. By the peak of the Depression in the 1930s, about 10% of all homes were already in foreclosure.
In 1944, the G.I. Bill was approved to assist World War II veterans through subsidized mortgages. This changed the American economy and housing system, which helped the middle class emerge. And by 1950, more than half of all Americans already owned houses — a first in history. In 2004, the rate of homeownership peaked at 70%, and as of today, about 64.8% of Americans own houses.
The bottom line, owning a house is not a walk in the park. It takes years of saving, perseverance, and hard work. New Home Owners Day is dedicated to everyone who crossed the bridge, paid the dues, and finally has a new house to celebrate.
New Home Owners Day timeline
The stabilization of the U.S. banking system through the National Banking Acts gives way for middle-class Americans to afford mortgages.
A mortgage is now a common system for purchasing homes.
Due to the crashing economy, about 10% of all homes are now in foreclosure.
The G.I. Bill is introduced to assist war veterans through subsidized mortgages.
The rate of homeownership in the U.S. peaks at 70%.
New Home Owners Day FAQs
Why is owning a house important?
It’s the gateway for your long-term financial success such as enjoying possible tax deductions instead of paying monthly to your landlord.
Is it cheaper to rent a home?
If you’re trying to find a space for a short duration of time, it is cheaper to rent. However, owning a home is a wiser long-term investment.
What are the requirements for buying a house?
The requirements in homeownership include the down payment, a lender, credit scores, debt-to-income ratio, closing costs, and proper documentation.
New Home Owners Day Activities
Gather your friends and family
There’s no better way to show off your new house than gathering your friends and family. Bond over a sumptuous dinner and a round of drinks. It’s also a good way to jumpstart cooking in your kitchen.
Have an intimate date night
Have an intimate date night with your partner, husband, wife, or all by yourself. There’s nothing better than a peaceful celebratory toast and just enjoying the moment of finally having a home you own. Grab a bottle of champagne and feast on a charcuterie board — it makes for a perfect, quaint setting.
Take it to social media
Photos last forever. Take plenty of pictures of your home, proudly post them on your social, and use the hashtag #NewHomeOwnersDay. This can also inspire others to aim for their dream home like you once did.
5 Interesting Facts About Owning A Home
First time home buyers
In 2021, 31% of home buyers were first-time owners.
National mortgage debt
As of 2022, the current U.S. mortgage debt is $10.04 trillion,
Homeowner vs. renter
A homeowner’s net worth is 30 times bigger than a renter’s.
The Scottish tradition
In Scotland, homeowners would paint their front doors red once their mortgages are paid off.
Brass doorknobs clean themselves
The ions in the brass doorknobs have a toxic effect on viruses, germs, and fungi.
Why We Love New Home Owners Day
It’s a toast to hard work
Owning a home requires blood, sweat, and tears. New Home Owners Day is that day of the year to pat yourself on the back and remind yourself that you did it.
It’s a reminder of your privilege
More often than not, people tend to forget about the blessings they have. New Home Owners Day is a reminder of your own privilege and that you have so many things to be grateful for in life — your dream home, for a start.
A great way to host a party
New Home Owners Day is a great excuse to host your own party. Nothing beats having your friends in your own space while enjoying each other’s company.
New Home Owners Day dates