People often talk about the financial benefits of homeownership, but as studies suggest, there are also social benefits of owning your own home.
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 addition to tangible financial benefits, homeownership brings substantial social benefits for families, communities, and the country as a whole. Because of these societal benefits, policy makers have promoted homeownership through a number of channels. Homeownership has been an essential element of the American Dream for decades and continues to be so even today.”
“The prevalence of homeownership is not universal. Across different demographic groups and even within different regions of the country, the homeownership rate varies widely. Many of these gaps are long standing. Therefore, the social benefits of homeownership differ widely from community to community.”
Here are some of the major findings on this issue revealed in the report:
The positive social benefits from homeownership and stable housing are compelling, and there is evidence from numerous studies that attest to the benefits accruing to many segments of society. Even after considering the effect of the recent housing downturn, many studies found that homeownership still provides a variety of social benefits. Homeownership boosts the educational performance of children, induces higher participation in civic and volunteering activity, improves health care outcomes, lowers crime rates, and lessens welfare dependency.
Adapted from the “Social Benefits of Homeownership and Stable Housing” study conducted by the National Association of Realtors in December 2016.