The economic benefits of homeownership are well known. From tax incentives and building equity to the boost the housing sector provides to the overall economy, it is no surprise that owning a home continues to be an essential element of the American dream.
In addition to the financial benefits, homeownership has also been proven to offer substantial social benefits for families, communities and the country. The most recent evidence appears in a new report from the National Association of Realtors, called "Social Benefits of Homeownership and Stable Housing."
Some of the report's notable findings include:
Stronger Communities: Homeowners move far less frequently than renters. They are therefore embedded in the same neighborhood and community for longer, allowing for a high level of social cohesion.
Higher Educational Achievement: Research shows that students whose parents are homeowners tend to stay in school, have access to more educational opportunities, and have an overall better educational outcome than children of renters, who tend to change schools more frequently.
Better Well-Being: Homeowners report higher self-esteem and happiness than renters, which results in better overall physical and psychological health.
Lower Crime Rates: Because they are vested financially and emotionally, homeowners are more motivated to deter crime by getting involved in voluntary crime prevention programs.
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