The basic necessity of having a roof over your head is often overlooked. It is essential to having a happy and successful life. National Roof Over Your Head Day is celebrated every year on December 3rd and serves as a reminder of the affordable housing issues in the U.S.
Also, it’s a day to be thankful for having a place to call home. In January 2020, there were 580,466 people experiencing homelessness in America. 70% were individuals, and the rest were homeless families with children. This statistic means over half a million people are living without the basic necessity of housing.
Today’s housing market in a post-pandemic world is uniquely volatile. Housing supply was already low before COVID-19, but the demand grew as people desired to leave big cities and move elsewhere to continue remote work, find a new career, or start families in small-town America increased.
The Federal Reserve’s steps last year to keep the financial markets liquid and ensure mortgage rates stayed low have continued to help fuel demand in the housing market. According to a CoreLogic report, home prices nationwide, including distressed sales, increased year over year by 18% in September 2021.
The U.S. Census Bureau reports that the homeownership rate of 65.4% was 2.0 percentage points lower than the rate in the third quarter of 2020 (67.4 percent) and virtually the same rate in the second quarter of 2021 (65.4 percent). In the third quarter of 2021, the median asking sales price for vacant units for sale was $285,500.
Estate planning is essential to transfer your assets and property to your beneficiaries in the most efficient way possible. A home is included in trust during estate planning. To assist in passing it without going through the probate court process. Consult your legal professional if you plan to include your home in your estate plan. Or transfer your home to beneficiaries after your death.
Having a home is essential and requires consistent planning and mindfulness of your finances. This National Roof Over Your Head Day, pause and be grateful for what you already have. Start to plan for your financial future.
Your financial professional can help ensure you have appropriate life insurance, a financial plan, and saving for future goals such as retirement.
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