Why Home Ownership Matters?
Improves Health and Well-Being
According to research by the National Association of Realtors, homeowners are healthier and happier than renters due to higher rates of life satisfaction, self-esteem, and perceived control over their lives. Their research also finds that homeownership provides more engaged parenting and credits the higher overall quality of life among to not only homeowners, but to their children as well. National Association of Realtors
The New York Daily Record reports that “sweat equity” and the ability to build a comfortable home develops self-esteem that is hard to come by any other way. Homeowners who take pride in their home purchase are provided with higher self esteem, satisfaction and a greater sense of accomplishment. New York Daily Record
And according to a 2013 post-housing crisis study, Harvard University reports that homeownership results in better overall health as opposed to renting. Their summary tells us:
- The higher life satisfaction, sense of belonging and self-esteem home owners experience make for a happier person, which enhances mental and physical health.
- Communities populated predominately with homeowners often have access to better health care facilities. These communities also feature a healthier selection of food products from a greater variety of grocery stores and restaurants than are available in rental dominated areas.
- Homeowner communities feature safer outdoor areas for physical activity due to lower crime rates.
- Homes of owners tend to have better quality housing than renters, which increases physical and mental health quality. There is a strong correlation between rental housing and health problems such as respiratory conditions, exposure to toxic substances and mental health issues.
- A positive psychological effect for homeowners may result from fixed rate mortgages, which increase their wealth via equity gains and remove the worry of increased monthly rental rates.
- Peace and security come from the knowledge that the homeowner will not be forced to move because of factors outside their control, such as the landlord choosing not to renew a rental lease. Stability reduces stress.
Homeownership also produces stronger families. Statistic show that compared to renters, homeowner families are 10% more likely to attend church, 16% more likely to participate in parent/teacher and community organizations, spend evenings together as a family, help out others, and have less alcohol and drug problems. Habitat for Humanity of San Antonio