Benefits of Homeownership beyond the Financial
Many people want to be homeowners for a variety of reasons. It’s always been known as “The American Dream.” While there are many financial benefits of homeownership, a study by the National Association of Realtors findings show there are other benefits as well. Here are a few:
Civic Participation
Researchers have found that homeowners tend to be more involved in their communities than renters. Even after the market crash 10 years ago, studies still find that residential stability increases the likelihood of electoral participation. Homeowners are also more likely to participate in local elections, civic groups and neighborhood activities compared to renters.
Health Benefits
Early studies of homeownership and health outcomes found that homeowners and children of homeowners are generally happier and healthier than non-owners. This data becomes a little conflicted in times of market instability so a little more research still needs to be done. But overall, the wealth building effect of homeownership and the sense of control it provides affect homeowners’ mental and physical health in a positive way.
Educational Achievement
Consistent findings show that homeownership makes a significant positive impact on children’s educational achievement. This may also be influenced by stable housing environments and favorable neighborhood characteristics. In summary, there are many benefits of homeownership and I continue to see them in the lives of my clients time and time again. It’s a great thing to be a part of.