Home ownership benefits the owners and community
The improvement to the society because of the home ownership drives its benefit from the improvement to the individual family or homeowner. In other words society benefits because the homeowner benefits.
Just Google home ownership benefits and a whole host of studies ranging from Ivy League universities to real estate associations show the benefits of home ownership. In the info chart provided by the California Association of Realtors a small list of the benefits are shown.
Home owners symbolize the promise of individual independence. Home ownership may not be as high an aspiration as it once was, but most American households would still prefer to own their own home.
Some positive social benefits from home ownership are the educational performances of children are higher. Homeowners prompt higher participation in civic and volunteering activities. Other benefits are, improved health care, lower crime rates and less welfare dependency.
Home ownership lets households accumulate wealth. But as we’ve seen with this last housing bubble, it is not guaranteed or achieved value appreciation in a straight line. Home ownership has a social status factor.
Home ownership tends to have stable housing. Home owners move far less frequently than renters. So they are established in the same neighborhood and community for a longer period.
Another traditional benefit of home owners is the habitat quality of their housing. A well maintained home not only generates paybacks through inhabitation and safety, but may have mental health benefits as well.
Owning your own home is different from renting. The pride of ownership and the sense of belonging in a community are enhanced when there is a financial stake in the neighborhood.
Home ownership conveys a sense of accomplishment, a life goal.
Home ownership has considerable individual responsibility. A long-term commitment like a mortgage significantly increases individual responsibility. This responsibility demands long term thinking which adds to the stability of the neighborhood.
Home ownership has many benefits to the individual and community. If home ownership is a goal of yours, contact Dan Parisi to help plan a course to achieve your goal.
The study “Social Benefits of Homeownership and Stable Housing” by NATIONAL ASSOCIATION OF REALTORS® has many more facts and conclusions that may be worth the time to read if you are interested in this subject. http://www.realtor.org/sites/default/files/reports/2011/social-benefits-of-stable-housing-2011-03.pdf
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