There’s more to being a homeowner than just providing shelter to you and your family. Compared to renting, owning a home has proven to have many social, financial and psychological rewards. Below, we have outlined five great benefits strongly tied to homeownership.
1. Higher success rate in school
While renters tend to relocate more frequently, roughly half of homeowners in the U.S. stay in their homes for at least 10 years. This kind of stability allows young students a better chance for high academic achievement. In fact, students living in a home are 25 percent more likely to graduate from high school, according to statistics compiled by the National Association of REALTORS® (NAR).
2. Stronger communities
Homeowners care about the community and neighborhood in which they are living. Many tend to join or create neighborhood watch programs to keep their families safe and become members of neighborhood associations to organize family-friendly events. Because of this close connection with their community, homeowners are 15 percent more likely to vote and 11 percent more likely to know who represents them in Congress, based on a study by NAR.
3. Better connected families
Statistically, homeowners are more involved with their family than renters. They’re 16 percent more likely to volunteer to coach their children’s soccer or football games, become scout leaders and attend parent-teacher conferences. In addition, homeowners are less likely to have alcohol or substance abuse problems.
4. Healthier, happier lives
The step from renter to homeowner has proven to have psychological and physiological rewards. Homeowners report that they feel more satisfied with their lives, have higher self-esteem and more motivation to exercise and improve their diet. These mental and physical benefits are passed down to homeowners’ children, as well. According to the NAR, children of homeowners are 20 percent less likely to become teenage mothers.
5. Improved economy
Being a homeowner provides big benefits to the economy. By purchasing a home, you’re creating jobs for remodeling, plumbing, landscaping, pool-cleaning and real estate services, among others. HouseLogic.com reports that one purchase of a home puts about $60,000 into the nation’s economy. In addition, a homeowner’s net worth has shown to be approximately 46 times that of a renter.
These are just a handful of the social, economic and communal benefits that homeownership can provide to you. For more information about homeownership, talk to your Central Texas REALTOR®.