There are 3 Benefits to Owning Your Own Home You Don’t Always Notice
Owning your own home has been considered part of the American Dream since it was know simply as “The Americas”.
National heads, eager to stabilize their chosen territories offered land grants to adventurers and fortune-hunters as enticements to populate the raw new country. Enticements that depended on the almost primal desire of people to have their own turf.
In the last few years, some people have started questioning the value of owning their home v.s. the freedom of renting, even given the rental market’s inherent uncertainty.
Is home-ownership loosing it’s spot as the star of The American Dream?
Not according to a recent Ipsos survey! It showed 86% of consumers agreed with the statement that home ownership is a dream come true.
Home-ownership still satisfies people’s aspirations.
But it plays an even greater role than just satisfying a need for a space of our own…
People thrive physically, mentally and financially when their home environment improves.
They advocate for adequate and affordable homes. They know how this provides dignity and hope for those who are willing put in the work to become a home-owner.
Home-owners are secure in how much their housing expenses will be each month…unlike renters who can expect up to a 10% annual rent increase.
With reasonable care and maintenance, home-owners can expect their home to appreciate in value, and over time, own it outright. While renters and homeowners alike can expect to pay for a place to live, part of every home-owners mortgage payment effectively “goes into savings”, building up their net worth.
The sense of control this wealth building provides – in a stable housing market – has a positive affect on home-owners mental and physical health.
Home-owners also flourish with the freedom and ability to express themselves. Choosing colors, designs and possessions that reflect their own personal style satisfies a sense of their identity. This can be witnessed by watching a nation obsessed with HGTV-like trends and styles.
These feelings of comfort, security, stability and pride can be difficult to measure, but together they drive people to work hard to maintain their home and protect the neighborhoods where they live.
Ownership, stability, and a sense of pride are core values that are critical to a successful community
Because purchasing a home takes a much larger financial commitment than renting, home-owners on average only move every 7-10 years.
In contrast, 30% of renters get the itch for new digs each year.
If for no other reason, this fact alone illustrates the value of home ownership in building strong, stable communities
A stable community results in stronger social ties. And strong social ties are necessary to recognize suspicious activity; to work together to keep crime from infiltrating.
The result is a safer, more cohesive community and a reduction in crime
Home-ownership is good for the economy. It seems like we Americans want to constantly improve.
It’s pretty common for a home owner to sell their starter home and move up …in fact, it’s critical for the economy to have a continuous supply of starter homes available for buyers entering the market for the first time.
Home-ownership provides social benefits beyond pure financial and economic benefits.
Home owners are more likely to participate in activities that benefit their community, their family, and ultimately themselves.
They’re more likely to be the volunteer that coaches the Little League baseball team…
They probably know the name of their School Board President and participate in elections.
And check in on you if they haven’t seen you in a few days.
Home-owners are more likely to fill in where there’s a community need by:
- Volunteering at homeless shelters, animal shelters or other non-profits organizations that benefit all.
- Active participation in their children’s schools, their education and parent-teacher organizations
- Civic organizations and neighborhood groups
These activities very effectively extend the benefits of home-ownership to a majority of the population.
National Association of Realtor’s “Social Benefits of Home-ownership and Stable Housing,” cites extensive research showing that home-ownership increases civic participation, lowers crime rates and boosts children’s educational performance.
If you’d like to know more about the benefits you may have overlooked as a home-owner , you can download your own copy below…
NAR , “Social Benefits of Home-ownership and Stable Housing,” cites extensive research showing that home-ownership increases civic participation, lowers crime rates and boosts children’s educational performance.