June is Homeownership Month

June is when REALTORS® commemorate National Homeownership Month. The goal of the observance is to raise awareness about the benefits of owning a home and the importance of making homeownership more attainable for all Americans.

REALTOR® members serve as trusted advisors, helping consumers navigate the home buying and ownership experience and providing critical support.

In announcing Homeownership Month, the National Association of REALTORS® said, "Every family deserves to have the opportunity to reap the benefits of homeownership—from building generational wealth to building memories for years to come." NAR added, "America’s tax can and must do more to promote homeownership, build stable communities, and boost economic growth."

Research shows the U.S. is facing an underbuilding gap of 5.5 million units. That amounts to a $4.4 trillion underinvestment in housing.

The Biden administration issued a Proclamation on National Homeownership Month 2024 calling on “the people of this nation to safeguard the American Dream by ensuring that everyone has access to an affordable home in a community of their choice.”

Along with research on homeownership trends, NAR is advocating for bipartisan solutions that address housing supply and affordability constraints and increase homeownership opportunities in the U.S.

Among legislation and solutions NAR supports are:

• The More Homes on the Market Act (H.R. 1321), which would decrease the equity penalty and incentivize more long-term owners to sell their homes.
• The Neighborhood Homes Investment Act(S. 657/H.R. 3940), which would attract private investment to build and rehabilitate owner-occupied homes.
• The Affordable Housing Credit Improvement Act(S. 1557/H.R. 3238), which would encourage creating and preserving affordable housing.
• Support small business by preserving the 199A qualified business income deduction and keeping taxes on business income lower for independent contractors and pass-through business owners.
• Support commercial real estate investment by preserving 1031 like-kind exchanges.
• Incentivize homeownership by increasing the $10,000 cap on the state and local tax (SALT) deduction and eliminating the marriage penalty.

NAR is also advocating to ensure equal access to professional representation and support fair housing. Priorities include:

• Ensuring veterans maintain access to professional representation and can compete in the market by allowing VA buyers to compensate their professional representative directly.
• Supporting the Direct Seller and Real Estate Agent Harmonization Act(H.R. 5419) to ensure real estate agents maintain their independent contractor status under the Fair Labor Standards Act (FLSA).
• Supporting the Fair and Equal Housing Act(H.R. 4439) to add sexual orientation and gender identity as protected classes under the Fair Housing Act.
• Serving as a founding member of the Black Homeownership Collaborative and supporting the 3by30 initiative, with the goal of adding three million net new Black homeowners by 2030.