LAS VEGAS (KLAS) — June is National Homeownership Month which is dedicated to the power of owning a home and some of the advantages that come with it include building community, equity and generational wealth. However, many Nevadans are hesitant to start to homebuying process.

A new survey, by homebuilder KB Home and The Harris Poll shows that four out of five American adults believe owning a home is an essential milestone in life. They cited multiple reasons to own including privacy, a place to make memories and long-term financial benefits.

“For many people, the home becomes their most valuable asset. The equity that they build over time becomes a substantial part of their wealth,” Aaron Hirschi, KB Home Division President and Regional General Manager, said. “So, paying a mortgage payment into something that actually will build value and equity over time will end up being a much better investment than throwing it away to rent.”

Despite a desire to buy, many homeowner hopefuls lack a basic understanding of the homebuying and financing process and rely on myths to fuel their fear. According to the survey, only one in three people know key facts about financing a home, including that a minimum down payment of 20% is not required or that one can qualify for a mortgage with a credit score in the 500s.

The survey also revealed that more than half of people believe that mortgage rates are at an all-time high, but the highest rate on record was in 1981 when a 30-year fixed rate peaked at 18.6%.

KB Home is offering a Homebuying 101 class on Saturday, June 5 at 12 p.m. It will take place at its design studio on Badura Avenue and Jones Boulevard in the southwest valley.

For more information visit KB Home’s

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