The Social Benefits of Owning A Home
Many people buy a home as a financial investment, thinking about how it will grow their overall wealth in the long run. While this is certainty a huge benefit to homeownership, there are also social benefits that many do not realize.
Several studies have been conducted to analyze the relationship between homeownership and educational achievement. There have been many findings that show children of homeowners perform better academically than those of renters. Researchers have found a lower dropout rate for teenage students who are raised by homeowners, as well as a much lesser amount of teen pregnancy occurring with daughters of home-owning parents. Young children of homeowners have shown a tendency to have higher success performances in math and reading and also display fewer behavioral and social problems. Such educational achievements may be credited to certain behavioral characteristics homeowners exercise and expose to their children. For example, when children see their parents managing financials, handling mortgage payments, and taking responsibility for home upkeep and maintenance, they tend to apply the same mannerisms of discipline to their academics. Furthermore, because homeowners want to preserve the value of their home and neighboring homes, they tend to focus more on their child’s conduct and minimize bad behavior.
Since the value of a home is directly correlated with its location, financially, homeowners have much more at stake in their neighborhoods than renters do. As a result, studies have shown homeowners are more actively engaged in their community and building its value. Since homeowners gain profit from the added appreciation of their home’s value, they tend to spend more time and money maintaining and improving their property, which in turn increases the overall value of the neighborhood. Furthermore, researchers have found the level of community involvement is higher among homeowners than it is renters. Studies have shown homeowners vote in political elections and participate in volunteer work more frequently than renters do.
Many can argue it is inaccurate to say homeownership directly affects a person’s health because owning a home is also in correlation with other factors that are associated with health outcomes such as income and education. Nevertheless, studies have shown that homeowners are happier and healthier than renters. Despite their level of income, people who have recently become homeowners have testified to have an increased level of self-esteem, life satisfaction and pride, and a higher sense of control over their lives. This high self-rated happiness and confidence in the ability to do things as well as anyone else has shown to motivate homeowners to also care more for their physical and physiological health.
The financial benefits of homeownership are undeniable, and are a major factor that motivates people to purchase a home. However, the perks of owning a home are not just apparent in one’s bank account. Numerous studies have provided evidence that there are also a number of positive social benefits of homeownership, educational achievement, civic participation, and health benefits just being a few.
Source: NAR’s 2012 study entitled “Social Benefits of Home Ownership and Stable Housing”