If you’ve come across this article, chances are you are thinking about becoming a homeowner one day. And, we bet you have really good reasons for that goal.
Perhaps you are looking to build equity; maybe you are excited about the freedom to make your own home choices, like renovations and paint colors; perhaps you are looking for the stability of mortgage payments remaining consistent and no longer having to move. And, tax breaks never hurt, right?
These are all really common reasons people seek out homeownership, and they are all great ones. But, we thought we’d let you in on a few other benefits that maybe you haven’t considered. Homeownership has some surprising ripple effects on not just a homeowners’ lives but the entire community. Let’s dive in:
1. Homeownership is good for your health.
Homeownership is about so much more than just having a house. It creates stability, community ties, and financial security, and with these, studies show that homeownership has a positive impact on physical and mental health. A recent study from the Centers for Disease Control (CDC) looked at chronic health conditions and homeownership and found that as a group, homeowners have better health outcomes.
We (and the CDC) are not saying that if you buy a house, you will not experience any health problems. But studies continue to show it plays a role. It’s not simply about the structure of a house, but rather the other benefits that come with homeownership. Though, the structure of a quality home can lead to better health, as well.
There are also mental health benefits. Adults have plenty to worry about, and when you have a safe, decent, affordable home, that is a big load off. You don’t have to worry about moving, so you are free to focus on other important things in life.
2. Homeownership helps children thrive.
Studies also show that children of homeowners perform better in school. They are more likely to score higher in math and reading scores improve the longer they are in a home. Further, kids from low-income families who are homeowners are 11% more likely to graduate high school and 4.5% more likely to attend a post-secondary school than those who do not own their homes.
Again, we are not saying purchasing a home is a magic fix for your children’s school performance. But something is to be said for the data that shows stable housing is a strong contributing factor to education.
3. Homeownership helps families build wealth.
According to a study by Habitat for Humanity, U.S. homeowners have a net wealth that is 400% higher than renters with similar demographics and income. Having equity in your home makes you a wealthier person, even if the wealth doesn’t equal immediate cash in hand. You are laying down roots for your family and your future when you purchase a home.
4. Homeownership helps make safer communities.
Like health, there are several factors that contribute to public safety, but housing is definitely one of them. The quality of housing and involvement of a neighborhood’s residents are key to creating safe communities. And when people are in their homes to stay, they are more likely to take better care of them and become more involved in their communities.
Overall, we don’t think there are many bad reasons to buy a home, there are many benefits to doing so. We hope these give you a little insight into some that may not be talked about as much as others, and if you decide homeownership is the path for you, NeighborWorks Columbus is here for you every step of the way!
8/19/2024
