Benefits of Home Ownership
Owning a home can be a rewarding experience – one that produces many positive changes in individual families and communities. Potential buyers recognize the significance and long-lasting benefits of home ownership as they make their home buying decision.
Personal Satisfaction and Health
A house is more than a roof over your head. Home ownership is the opportunity to make a place your own and provides a stable environment for your family. Research suggests that home owners are happier and healthier than non-owners and report higher life satisfaction.
Higher Academic Achievement
Numerous research surveys have proven that owning a home – as compared to renting – affects the academic achievement of children. Children of home owners have better scores in math and reading and are more likely to graduate from college. Altogether, home ownership helps build a more supportive environment with parents more likely to be involved in their children’s lives, especially when it comes to schooling.
The largest and most measurable financial benefit of home ownership is building personal equity. As a home owner pays down their mortgage and the home value appreciates, equity is built and personal net worth increases. Also, mortgage interest and property tax deductions offer valuable tax advantages for home owners.
Communities benefit from home owner families. Home owners have a financial stake in the value of their home – which extends to their community. Therefore, owners have more incentive to create stable communities and support community improvement. This contributes to reduced neighborhood crime.
Home owners connect with their community in many ways – by volunteering at school, coaching their children’s sports team, leading a scout troop or other activities. They are more likely to live in the community longer than a non-owner, and be involved in civic activities.
Being a home owner also has a positive economic impact on communities. Home ownership creates jobs – think home remodeling, maintenance, and landscaping – that generate tens of thousands of dollars of economic activity in the local and surrounding area.