For many families, there are financial benefits to owning a home, including tax deductions (the topic of an earlier blog post) and building wealth through home equity.
But did you know that there are social and economic benefits to owning a home as well? These benefits are harder to quantify, but should still be considered when deciding if homeownership is right for you and your family.
According to an article published by the National Association of Realtors (NAR), stable housing created by homeownership offers the following benefits:
- Improved children’s educational achievement. Families who own a home tend to be more financially stable, creating opportunities for parents to focus on positive parenting behavior that can lead to improved educational outcomes.
- Improved civic participation. Homeowners have a great financial stake in their neighborhoods, leading them to volunteer more and be more politically active.
- Improved health outcomes for families. Homeowners tend to report greater happiness and more control over their lives, leading to better physical and psychological health. Owner-occupied housing also tends to be better maintained than rental housing, leading to improved safety and health.
- Reduced neighborhood crime rates. Because crime rates can negatively impact property values, homeowners have more incentive to create and participate in voluntary crime prevention programs.
And there’s more. NAR also studies and reports the economic impact of buying a home. According to their analysis, one job is created for every two homes sold.
For additional research conducted on the social and economic benefits of homeownership, click here.
On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.