What Is National Homeownership Month?
Did you know that homeownership in the U.S. has its very own month to honor it? Many decades ago, June was dedicated to promoting the trend of owning homes, signifying the central importance that owning a home has in the collective American psyche.
Dubbed National Homeownership Month, the yearly tradition might resonate with your own journey toward owning a home.
Whether you’ve already bought a home in your lifetime or aspire to in the future, the deep longing to find the perfect house in a welcoming community is something we can universally relate to. Achieving homeownership has long been considered foundational to The American Dream.
Let’s take a closer look at what goes into National Homeownership Month and all that it signifies. While we recognize the celebratory side of this month-long event, we’d be remiss to neglect the stark reality that homeownership in America has never been (and still is not) an equal opportunity for all Americans.
For that reason, we also examine the racial and economic disparities in homeownership in America, which must be acknowledged alongside progress made.
What is National Homeownership Month?
In a nutshell, National Homeownership Month is a time set aside to celebrate the ways that homeownership benefits individuals, families, and communities in America.
Although it’s gone through many iterations over the years, the tradition first began during the economic boom of the Roaring Twenties following the end of World War I, when there was a sudden burst of societal growth and optimism. People embraced peacetime and having enough wealth to buy property and settle down with family.
The tide of events quickly changed as it would continue to do throughout the decades of the 20th century to the present. However, the notion of setting aside time to acknowledge a shared vision for success persisted. Here’s how the tradition evolved:
1920: Local Realtor® groups wanting to promote the idea of homeownership create the first week-long celebration.
1956: The National Association of Realtors® memorializes the celebration on a nationwide scale, thereby incorporating it into the ethos of The American Dream.
1976: U.S. Congress issues a joint resolution designating the week beginning on April 18 as Private Property Week, renaming the tradition.
1986: The celebration was then renamed again, this time as American Home Week.
1995: National Homeownership Week was established by the Clinton administration to increase homeownership rates.
2002: President George W. Bush expands the observance to the entire month of June.
2016: USDA uses the celebration to highlight the agency’s role in helping people buy homes in rural areas.
2021: With the backdrop of economic pain brought on by the coronavirus pandemic, President Joe Biden vows to expand stability and equal opportunity in the housing market.
2022: HUD initially calls 2022 a year of momentum for the nation’s homebuyers, but the 30-year fixed mortgage rate jumps from 3.11% in January to a high of 7.08% in November.
2023: A historic number of affordable, multifamily units are under construction. The Biden administration proposes $175 billion in housing investments to be included in the federal budget.
2024: Persistently high mortgage rates and insufficient inventory push existing single-family home prices up 5% year-over-year in April. To offset costs, the Biden administration announces a $10,000 tax credit for first-time buyers and people who sell their starter homes.
Here are some examples of groups that facilitate homeownership:
U.S. Department of Housing and Urban Development
Federal Housing Administration
Housing assistance programs
Financial and housing counselors
National Association of Realtors®
Licensed real estate agents
Home builders and contractors
Mortgage lenders and title companies
U.S. Department of Agriculture
State and local government housing agencies
Nonprofits that offer first-time homebuying classes
Real estate listing platforms
Lumber and steel suppliers
Modular home factories
