Adam Long: Essay Winner Knows Homeownership is a Good Investment
Adam Long was going through items in his Sioux Falls basement when he came across an essay that he had written back in 1992. He was 8 years old at the time, and he and his mother had just moved into their own home. "I am getting married in November and I need to make some room. I found the essay. My mom had it framed," said Long, a financial planner in Sioux Falls. The essay brought back memories as he explained to his fiancée why he entered the contest.
The National Council of State Housing Agencies (NCSHA) sponsored the contest to raise support for extending the Mortgage Revenue Bond and the Housing Tax Credit programs. The legislation that created these federal programs was going to expire. Titled "What My Home Means to Me," Long's essay was the winning entry in South Dakota's contest. SDHDA submitted his essay to NSCHA and it was chosen as a runner-up at the national level. In the essay Long described his and his mother's life before and after homeownership.
"Mom was a single parent. Money was tight. It was a stretch for her to buy a home," Long recalled. But the First-time Homebuyer program provided the help she needed. "For the first time I had a yard and I had a dog, a German Shepard named Shadow," Long smiled.
When Long finished his military service and returned to Sioux Falls, he began planning to buy a house. His mother was moving to Minnesota and suggested he purchase their family home. As a financial planner, Long understands the monetary value of owning a home. "The question is this: do you want to throw away your money or get it back later?" he said. Interest rates are low and home values are holding steady. "Homeownership is a good investment. The memories you make while living there are just icing on the cake," commented Long.