You've always known that owning a home meant more than putting a roof over your head, but now there's proof. The positive Karma that comes from owning a home results in higher life satisfaction and happiness, says Robert Dietz, author of a study on the social benefits of homeownership. What's more, those benefits extend to the houshold and community levels.
The study shows that childern of homeowners are likely to perform higher on academic achievement tests, are more likely to finish high school and have fewer behavioral problems at school. Political activity, such as voting and participating in community organizations, is also higher among homeowners.
The bottom line: Homeowners are happier and more satified with their lives. Why? A couple of factors could be the government's policy of promoting homeownership and the positive social outcomes of homeownership, Dietz says.
"Through their investment in the home - and therefore in the local neighborhood - homeowners appear to be overall more involved in their communities" Dietz says. "These spillover benefits suggest that the neighborhood homeownership rate itself may produce positive social consequences for communities"
Homeownership can even have financial benefits. Recent research indicates that high levels of homeownership in neighborhoods increase property values.
information from CRS ‘your home' newsletter
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