Benefits of Long Term Homeownership
Every financial decision you make may greatly impact you and your family for a long time perhaps your lifetime. Would it help to know that when you buy a home, you would probably end up living in a house for free after about 10 years? How? That it is better to be paying down your own loan instead of your landlord’s loan. Read the rest of this article for answers.
The vast benefits of Homeownership.
- Children do better in school and later in life that are brought up in a home that is owned by their parents or guardian. Children of homeowners score better on school test.
- Achieve more in life.
- Higher economic ability to earn more in their lifetime.
- Homeownership benefits neighborhoods, providing economic and social media. Homeowners are more likely to participate in local organizations, and homeownership in distressed communities raises neighborhood property values by a significant amount.
- Homeowner’s state there is more satisfaction in owning your own home.
- Do better on school achievement tests, graduate at a higher rate, have fewer behavioral problems, and enjoy a better social environment living in an owned home.
- They score 9% higher on math test, and about 7% higher scores for reading.
- Children of owned home are more likely to graduate from college by 166% and postsecondary achievement by 25% higher.
- Children living in owned homes have fewer behavioral problems than those children living in rented homes.
- Once in a career children of owned homes are less likely to rely on welfare.
- Quality home environment yields a 13 to 23% higher both physically and emotionally.
- Renters’ children experience an average poverty rate of 24%, compared with 18% for homeowners’ children do.
- Children of homeowners are 59% more often home owners themselves.
Home Ownership benefits you & the Economy
- Homeownership is a great economic stimulus in every level of society.
- Mortgage tax deduction.
- Equity factor; retirement
- Fund children’s’ college tuition using your home as a leverage.
- Home equity is one of the largest sources of collateral for bank loans; starts new business.
- Three times more likely to own a business as renters.
- Larger benefit to landlords as residence because a high rate of homeownership creates positive social benefits.
- Homeowners are willing to pay more for home in a neighborhood with a higher homeowner rate.
Homeowners v. Renters
Overall Voter Participation 25 percent higher
Ability to Identify Congress Member 10 percent higher
Ability to Identify School Board Head 9 percent higher
Voter Participation in Local Elections 15 percent higher
Work to Solve Local Problems 6 percent higher
Garden 12 percent higher
Contribute to Church $150 more per year
Members of Non-Profession Organizations .25 more
For more information on these studies please contact author of this article.
Foot note: (Harkness and Newman 2003). (Haurin, Parcel, Haurin 2000). (Coulson, Hwang, and Imai 2003).
Link to Graph of home ownership trends by the DRE: http://bit.ly/9g5O1D