Independence Day and the History of Home Ownership

We are celebrating Independence Day, the 4th of July, this week. For some reason, this got me thinking about something: when were US citizens actually allowed to own land and property in the United States after gaining independence from Great Britain?

1776 marked Independence Day. Then, the first real act that was passed regarding private land ownership was the Homestead Act of 1862. Abraham Lincoln passed this act. The whole idea was to encourage people to move west, with the opportunity to claim up to 160 acres. If you stayed on the land for at least 5 years and improved it in some way (such as building a house), then you had the ability to sell the land.

The real estate industry was born with this act. I did a bunch of research, and everything says that it basically started from this act in 1862. I find it interesting and wanted to share this history with you this week.

Interestingly, the National Association of Realtors came into effect not too much later – in the early 1900’s.

So, real estate has been around for a while!

Looking Back – 150 Years of History

This also makes me think about my first job in the industry: I was doing sales for a title company up in the Bay area. It cracked me up because I was selling insurance that was insuring the past. But when I start to think about the roots of it with the homesteads, I remember how unofficial everything must have been. Now, fast-forward and we see some of these claims that are still probably being argued over.

Here we are about 150 years later, and the real estate business is obviously booming and really important.

Wishing you and your family a great holiday! Be safe out there and enjoy the festivities. I’ll be around if anybody needs anything. Feel free to reach out any time for help with your home mortgage.