|
Being a Home Owner is more than just having a roof over your head. Home ownership instills feelings of comfort, security, stability and pride. However, in addition to these important benefits are substantial social benefits for families, communities and the country as a whole.
A few of these benefits are:
1-Higher Academic Achievement- One of the most important social benefits of home ownership is how it affects children and their academic achievement. Several studies show that there's a direct correlation between home ownership and educational achievement. Time and time again, it's been proven that how owners are more involved in their children;s lives, especially when it comes to schooling. Another benefit is that home owners tend to move less often than renters. This stability adds to a child's success in school. A study by the NY Federal Reserve Bank found that "though home ownership raises educational outcomes for children, neighborhood stability further enhances the positive outcome."
2-More Cohesive Communities- Home owners tend to stay in their homes longer than renters. They also spend more money to improve their home and are more engaged in enhancing their community.
3-Better Connected Families- Along with being more involved in their communities, home owners are more active and connected to their own families. Volunteering in school, coaching athletic teams, becoming a scout or troop leader are just some of the types of activities home owners are active in. Throw in simple things like a family movie night and your home becomes the perfect setting for a more connected, happier family.
4-Imporved Health and Safety- Home owners are happier and healthier than non-owners. In fact, one study found that people who recently became home owners reported higher life satisfaction, self-esteem and perceived control over their lives. In addition to being more satisfied with their own personal situation than renters, home owners also enjoy better physical and psychological health. Home owners have a financial stake in the value of their home. Therefore, owners have more incentive to deter crime by forming and implementing voluntary crime prevention programs. Home ownership also contributes to stable communities, and stable neighborhoods contribute to reduces crime rates.
5-Stronger Economy- Being a home owner also has a positive economic impact in your neighborhood, town, city and even on a national level. That's because home ownership creates jobs: remodeling, landscaping, lawn and pool service, furniture and appliances, home improvement, real estate services. The list goes on and on. In fact, each home purchase generates as much purchase generates as much as $60,000 of the economic activity in the local and surrounding area.
|
