Own Your Own Home Day: History, Facts & Insights

This is an in-depth look at all the must-know facts about Own Your Own Home Day (2024) 🗓️ that no one tells you about. Own Your Own Home Day is observed on January 21st.

Among the information you’ll find below: the history of Own Your Own Home Day, activities to do on and how to observe this holiday, as well as cool facts you should know about Own Your Own Home Day.

📅 What day is Own Your Own Home Day 2024?

In 2024, Own Your Own Home Day is on Saturday, January 21st. It is the 3rd Saturday in January; in 2024, it is Sunday. There are until the next observance. You also can see all the fun details and facts about January 21, 2023, that you might not be aware of.

Each year on January 21, we celebrate Own Your Own Home Day, a special day dedicated to promoting and raising awareness about the advantages of owning a home. It’s interesting to note that mortgages didn’t become widely used until the 1860s, after the National Bank Acts were passed. Since then, mortgages have played a crucial role in enabling over half of the American population to become homeowners.

📜 Own Your Own Home Day History

During the Neolithic period, early humans settled down and constructed permanent homes and structures. However, homeownership was not guaranteed as people had to constantly defend their property from intruders, leading to the emergence of tribal leaders, armies, and eventually monarchs who provided protection.

In the industrial revolution, banks started lending to the general public, but mortgages didn’t become widespread until the 1860s when the National Bank Acts were passed. This allowed more people to buy, sell, and own homes.

The Great Depression in the 1930s caused the housing market to crash, resulting in many homeowners defaulting on their mortgages. To stabilize the market, the US government established organizations like the Home Owners’ Loan Corporation, Federal Housing Administration, and Federal National Mortgage Association between 1933 and 1938. By 1950, over half of Americans owned a home, and this number has continued to increase. However, as the demand for housing grows, the cost of buying a home has also risen.

✅ Own Your Own Home Day Facts

🔖 Mortgage is nearly synonymous with death
The term “mortgage” comes from the Old French words “mortgage” or “mort gaige,” which essentially means a “dead pledge.”

🔖 A red front door implies mortgage-free

🔖 Many homebuyers use mortgages to buy homes
According to the National Association of Realtors, the majority of individuals, specifically 88%, opt for a mortgage when purchasing a home.

👍 Why Is Own Your Own Home Day Important

When you own a home, you may deduct a portion of your home’s expenses from your taxes. This covers mortgage interest as well as interest on home equity loans or lines of credit.

The difference between the real worth of your house and the amount you still owe on your mortgage is referred to as “equity.” Because homes increase in value, your home equity grows as you pay down your mortgage. In contrast, renting requires you to continue paying even when you do not own anything.

Lenders are more willing to provide you with loans for future projects or costs if you have a solid credit history. You can potentially build a solid credit history by owning a home and consistently paying the amount owed on your mortgage.

🙂 How To Observe Own Your Own Home Day

⚡ Learn about the history of homeownership

⚡ Buy a home
How about celebrating Own Your Own Home Day by purchasing a home if you currently don’t own one? To begin, start browsing through real estate listings either online or with the help of a real estate agent. Once you find a suitable property that meets your needs, you can make a down payment to secure it. If you don’t have sufficient funds to buy a house, you could explore options like applying for a loan or saving up for it in the future.

⚡ Have a mini-thanksgiving
Our experience with property ownership should help you get started. You may learn about how humanity transitioned from living in caves to constructing permanent or semi-permanent dwellings. The B.B.C. podcast on the history of the house might also assist you in your study.

📅 When is Own Your Own Home Day?

Discover all 🔗 January holidays, including 🔗 Special Interest and other 🔗 American holidays.

We will continue to update this page with new information and fun facts about Own Your Own Home Day. So be sure to check back soon.