Does Homeownership Matter?
DOES HOMEOWNERSHIP MATTER?
You bet it does! At the most basic level, it provides shelter and security to families. But, there is a lot more to it than that, and here are some facts about homeowners from the National Association of Realtors, Federal Reserve Board, and the US Census Bureau:
- They are more likely to vote,
- They volunteer their time more frequently for charitable causes,
- They move less often, providing more neighborhood stability,
- The decision to stay in school by teenage students is higher for those raised by home-owning parents,
- Daughters of homeowners have a much lower incidence of teenage pregnancy,
- The median net worth of homeowners is 36 times that of a renter’s ($195,400 vs. $5,400),
- Owner occupied housing is better maintained than non-owner occupied property,
- In addition to being more satisfied with their own personal situation, homeowners also enjoy better physical and psychological health,
- Homeowners are less likely to report financial hardships,
- The average child of a homeowner is significantly more likely to achieve a higher level of education, and thereby, a higher level of earnings.
These are some of the reasons that homeownership is called the “American Dream”. Taking the big step from renting to owning can be a difficult one, but with planning and patience, it can become a reality. Your Realtor is not just here to help you become a homeowner, but also works hard to protect private property rights, on the local, state, and national levels.