Social Benefits of Homeownership and Stable Housing for Northern Colorado
Here’s a few thoughts about the Social Benefits of Homeownership and Stable Housing for Northern Colorado…..
“Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.”
This is an excerpt from a National Association of Realtors report about The Social Benefits of Homeownership and Stable Housing as it relates to the USA. Here is the full report– it is a very good document.
Today, I’d like to share the section of the report that quoted several studies concentrating on the impact homeownership has on educational achievement. Here are some of the major findings on this issue revealed in the report:
- The decision to stay in school by teenage students is higher for those raised by home-owning parents compared to those in renter households.
- Parental homeownership in low-income neighborhoods has a positive impact on high school graduation.
- Though homeownership raises educational outcomes for children, neighborhood stability may have further enhanced the positive outcome.
- Children of homeowners tend to have higher levels of achievement in math and reading and fewer behavioral problems.
- Educational opportunities are more prevalent in neighborhoods with high rates of homeownership and community involvement.
- The average child of homeowners is significantly more likely to achieve a higher level of education and, thereby, a higher level of earnings.
Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes. 63.7 percent of all U.S. households who own their home currently are enjoying these benefits.
The positive social benefits from homeownership and stable housing are compelling.
As this paper has shown, there is evidence from numerous studies that attest to the benefits accruing to many segments of society.
Even after considering the effect of the recent housing downturn, many studies found that homeownership still provides a variety of social benefits.
Homeownership boosts the educational performance of children, induces higher participation in civic and volunteering activity.
Social Benefits of Homeownership and Stable Housing for Northern Colorado
Owning a home is different from renting.
With the home purchase comes the pride of ownership and the sense of belonging in a community where one has a financial stake in the neighborhood.
Perhaps homeowners are “happier” just from having achieved the so-called “American Dream”–a sense of accomplishment, a milestone.
Also, ownership entails greater individual responsibility.
As discussed above, homeownership requires a large (if not the largest) financial outlay of a person’s life and often requires the responsibility of a mortgage spanning 30 years.
Therefore, it is a long-term commitment, which may alter human psyche and behavior.
Bottom Line
People often talk about the financial benefits of homeownership.
As we can see, there are many benefits more important than money in owning your own home.
If you or anyone you know have any questions about owning Colorado real estate, I’d love the opportunity to help you- call me at 970-219-4859
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