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Homeownership Benefits: Not Just Financial

4/4/2019

blog entry by Renee Moats 4/4/19
Your home is more than just a roof over your head. Homeownership has long been a big part of the American Dream. Many people believe that owning their own home is either essential or important to achieving a feeling of success and prosperity. There are many financial benefits to homeownership.  Having a permanent place to raise a family, to establish your own traditions, to host gatherings, and to plan for the future are also real benefits of owning.

Your life becomes more stable once you own a home.  Moving is hard, aggravating, and definitely expensive.  Many renters who find themselves moving from one rental to another know what a hassle it can be. Owning home eliminates the moving from one place to another.  Owning means you can suit your own tastes, not follow rules set by a landlord, you can decorate in a modern style, rustic, or shabby chic, the choice is yours.  You can tear out the shrubbery or plant a tree, select paint colors, finally get that furry little pet you have wanted, tear down walls or gut the kitchen for a complete remodel.  You become your own landlord, so you get to make the decisions.

You may sleep better and enjoy your leisure time more.  You may even be a better cook when you become a homeowner.  Studies and reports found on the National Association of REALTORS® (NAR) website make some rather wonderful claims about the benefits of homeownership. These include:

  • Improved mental and physical health:  Studies show that homeowners and their children are generally happier and healthier than renters. Many factors play a part, such as a strengthened sense of privacy. People also feel more secure knowing that a landlord cannot ask them to move or increase monthly rent payment.
  • More engagement within your community:  Homeownership gives you a chance to put down roots within your new neighborhood and town. You can build strong relationships with new friends and neighbors, teachers at the local schools, and business owners. You may also find more desire for volunteer opportunities. 
  • Higher educational achievement by your children: NAR studies show that children of homeowners are significantly more likely to achieve a higher level of education.  This holds true in both high income and low income neighborhoods.

These results may be due to a better sense of control and self-worth that homeowners enjoy versus renters.  It’s human nature to want to have our own turf.   The desire to own a home and to build a better future surely push people to want to achieve more.  There are many benefits that owning a home brings you. One fact is for sure: homeownership matters.

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