June marks National Homeownership Month, and while Realtors® promote attainable homeownership for everyone year-round, this month is the perfect time to reflect on what it really means.
When did it start?
National Homeownership Week started in 1995, when President Bill Clinton proclaimed June 5 National Homeownership Day, urging all citizens to “observe this day with appropriate programs, ceremonies and activities that celebrate the great American Dream.”
In 2002, President George W. Bush extended the week into a month, declaring National Homeownership Month. He proclaimed, “A home provides shelter and a safe place where families can prosper and children can thrive. For many Americans, their home is an important financial investment, and it can be a source of great personal pride and an important part of community stability.”
What does homeownership mean?
Bush was right – a home is all those things, and more.
Homeowners have more assets and a higher net worth, opening more doors to future opportunities. It helps families create and pass down generational wealth, providing a foundation and a safety net for their children and grandchildren. And homeownership offers stability, predictability and freedom.
What is the U.S. homeownership rate?
In 2023, the National Association of Realtors® reported that the U.S. homeownership rate was 65.24%. In Pennsylvania, the rate was 69.6%.
However, although homeownership rates have increased in the past decade, some groups lag behind others. In particular, the Black homeownership rate is only 45%, compared to the White homeownership rate at 72%, the Asian rate at 63% and the Hispanic rate at 51%.
How do Realtors® promote homeownership for all?
Realtors® advocate for attainable homeownership for all, from guiding buyers and sellers with expertise to upholding NAR’s Code of Ethics. Realtors® celebrate Fair Housing Month in April, remembering the Fair Housing Act of 1968. In June, many Pennsylvania Realtors® attend PA Realtors® Day on the Hill to meet with legislators and take part in advocating for housing issues across the commonwealth.
No matter the month, Realtors® strive to raise awareness of the benefits of homeownership and commit to helping their clients achieve it, one step at a time.
“We believe that the American Dream should be a dream that is attainable by all Americans,” says PAR President Bill Lublin. “Our goal is to help every Pennsylvanian realize and achieve that dream.”