New Home Owners Day 2023:New Home Owners Day is annually observed on May 1. There is nothing quite like receiving the key to your ideal home, starting over, and living in comfort. Others require more than just a place to reside and a bed to sleep. It is about attaining the goal for which you have been saving for years, calling the space home, and creating new memories. It is a suitable location for starting a family, raising children, and retiring. The pride of owning a property for the first time is unparalleled and should be celebrated.
HISTORY OF NEW HOME OWNERS DAY
Homeownership in the United States did not arrive easily. The majority of individuals in the early 1800s lacked the means to own a home. First, real estate is prohibitively expensive and the majority of institutions would not lend to the average American. However, the National Bank Acts stabilised the U.S. banking system in the 1860s. This made mortgages a prevalent method for purchasing a home.
Mortgages began as an experiment, but have proven to be effective for numerous individuals. In the 1890s, the majority of middle-class citizens held mortgages. Early in the 20th century, mortgages had a five-year tenure and required a 50% down payment. This is a wholly different system than today’s mortgages, which have a 30-year term and require only a 5% to 20% down payment.
During the Great Depression, most financial institutions were unable to lend money. This prevented many would-be homeowners from purchasing, while existing homeowners defaulted. By the height of the Great Depression in the 1930s, approximately 10 percent of all properties were in foreclosure.
In 1944, the G.I. Bill was passed to assist veterans of World War II with subsidised mortgages. This altered the American economy and housing market, facilitating the emergence of the middle class. In 1950, more than half of all Americans were already homeowners, a first in human history. In 2004, the homeownership rate crested at 70%; as of today, 64.8% of Americans are homeowners.
In conclusion, home ownership is not a stroll in the park. It requires years of saving, tenacity, and hard labour. New Home Owners Day is celebrated by those who have crossed the threshold, paid their dues, and are now the proud owners of a new residence.
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NEW HOME OWNERS DAY ACTIVITIES
Gather your family and neighbours.
There is no better way to showcase your new home than by inviting friends and family over. Intermingle over a sumptuous meal and a few beverages. It’s also a great method to get cooking in your kitchen started.
Have a romantic date night.
Have an intimate date night with your spouse, companion, or on your own. There is nothing better than sipping a peaceful toast and savouring the moment of finally owning a residence. Grab a bottle of champagne and a charcuterie tray to create the ideal, quaint atmosphere.
Utilise social media
Photos are immortal. Take numerous photographs of your new property, post them on social media, and include the hashtag #NewHomeOwnersDay. This can also motivate others to pursue their ideal residence, as you once did.
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5 INTERESTING FACTS ABOUT HOMEOWNERSHIP
First-time property purchasers
31% of homebuyers in 2021 were first-time purchasers.
Government mortgage debt
Current U.S. mortgage debt is $10.04 trillion as of 2022.
Homeowner vs. tenant
The net worth of a proprietor is 30 times that of a renter.
The Scottish custom
In Scotland, homeowners who have paid off their mortgages would paint their front doors crimson.
Brass doorknobs are self-cleaning.
Brass doorknobs contain ions that are toxic to viruses, bacteria, and fungi.
WHY WE LOVE NEW HOME OWNERS DAY
This is a tribute to perseverance
A home requires blood, perspiration, and tears to acquire. New Home Owners Day is the day of the year to give yourself a pat on the back and remind yourself that you’ve accomplished something great.
It reminds you of your privilege.
People have a propensity to neglect their blessings more often than not. New Home Owners Day is a reminder that you are privileged and have so much to be grateful for in life, including your ideal home.
A fantastic method to throw a party
New Home Owners Day is an excellent reason to throw your own celebration. Having your friends in your own space while savouring their company is unparalleled.
NEW HOME OWNERS DAY DATES
| Year | Date | Day |
|---|---|---|
| 2023 | May 1 | Monday |
| 2024 | May 1 | Wednesday |
| 2025 | May 1 | Thursday |
| 2026 | May 1 | Friday |
| 2027 | May 1 | Saturday |
