In fact, studies have shown that not only do homeowners accumulate wealth as the investment in their homes grow, but they enjoy better living conditions, are often more involved in their communities, and have children who tend on average to do better in school and are less likely to become involved with crime.
Communities benefit from stable neighborhoods homeowners create.
Secretary Andrew Cuomo announced that a record 67.7 percent of Americans now own their own homes. That translates into 71.6 million homeowners. According to President Clinton, the goal was reached because the government provided record levels of homeownership loan assistance, increased the availability of affordable housing, provided incentives to save for a home purchase and maintained fiscal discipline which has kept interest rates low. By paying off the national debt, economists estimate that the current mortgage interest rate is at least 1.5 percent lower than it would be otherwise. While the numbers of homeowners exceed even the administration's most optimistic projections, the focus now is on the many Americans who would like to own a home, but cannot.