Here's how the homeownership rate has risen since 1994, measuring the percentage of all households owning their own homes and then listing breakdowns by major racial and ethnic groups, as well as location. Homeowners take pride in their surroundings, often putting in extra effort into their neighborhoods. Owning a home also means accumulating wealth. As home values increase, their investment in that home grows. Homeowners also strengthen the economy through their purchase of homes and the related furniture and appliances that go with the new purchase.
Homeowners also tend to become more involved in community efforts, schools and events.
And the value of a home is something that can help secure loans to finance a business, or a child's education, and that value is often passed on to a new generation to help them find economic security.