The Social Benefits Of Homeownership

Dated: 04/01/2017

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The National Association of Realtors recently released a study titled 'Social Benefits of Homeownership and Stable Housing’ The study confirmed a long-standing belief of most Americans:

“Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.”

In the report there was a section of the report that quoted several studies concentrating on the impact homeownership has on the health of family members. Here are a few findings in relations to renters and homeowners revealed in the report:

  • Homes of owners are generally in better condition than those of renters.

  • Homeowners report higher self-esteem and happiness than renters. For example, homeowners are more likely to believe that they can do things as well as anyone else, and they report higher self-ratings on their physical health even after controlling for age and socioeconomic factors.

  • Renters who become homeowners not only experience a significant increase in housing satisfaction but also obtain a higher satisfaction even in the same home in which they resided as renters.

  • Homeowners have a significant health advantage over renters, on average. Homeowners are 2.5 percent more likely to have good health. When adjusting for an array of demographic, socioeconomic, and housing–related characteristics, the homeowner advantage is even larger at 3.1 percent. People often talk about the financial benefits of homeownership. As we can see, there are also social benefits of owning your own home.

From the study we can ascertain that there are not only economic benefits but social benefits as well. If you want more information about this study, go to https://realtoru.edu/wp-content/uploads/2014/06/Homeownership-Stable-Housing.pdf?

If you are a renter, maybe it is time to look into purchasing a home. If you are ready to have the discussion, give me a call.

Marvette Cofield

You don’t choose a home because you love the paint color. No, an investment this big demands in-depth knowledge so that you can buy with confidence. That’s where I come in. As an agent with Berk....

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