The National Association of Realtors recently released a study titled ‘Social Benefits of Homeownership and Stable Housing.’ The study confirmed a long-standing belief of most Americans:
“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.”
Today, we want to cover the section of the report that quoted several studies concentrating on the impact
homeownership has on the health of family members. Here are some of the major findings on this issue revealed in the
report:
- There is a strong positive relationship between living in poor housing and a range of health problems, including
respiratory conditions such as asthma, exposure to toxic substances, injuries and mental health. Homes of owners
are generally in better condition than those of renters. - Findings reveal that increases in housing wealth were associated with better health outcomes for homeowners.
- Low-income people who recently became homeowners reported higher life satisfaction, higher self-esteem, and
higher perceived control over their lives. - Homeowners report higher self-esteem and happiness than renters. For example, homeowners are more likely to
believe that they can do things as well as anyone else, and they report higher self-ratings on their physical
health even after controlling for age and socioeconomic factors. - Renters who become homeowners not only experience a significant increase in housing satisfaction but also obtain
a higher satisfaction even in the same home in which they resided as renters. - Social mobility variables, such as the family financial situation and housing tenure during childhood and
adulthood, impacted one’s self-rated health. - Homeowners have a significant health advantage over renters, on average. Homeowners are 2.5 percent more likely
to have good health. When adjusting for an array of demographic, socioeconomic, and housing–related
characteristics, the homeowner advantage is even larger at 3.1 percent.
Bottom Line
People often talk about the financial benefits of homeownership. As we can see, there are also social benefits of
owning your own home.
According to a survey conducted by Bankrate.com , one in four Americans are considering buying a
home this year. If this statistic proves to be true, that means that 59 million people will be looking to enter the
housing market in 2017.
The survey also revealed 3 key takeaways:
- Those most likely to buy are ‘Older Millennials’ (ages 27-36) or ‘Generation X’ (ages 37-52)
- Minorities, sales
particularly African-Americans, were twice as likely to respond that they were considering purchasing a home this
year than white respondents. - Many potential buyers believe they need to put 20% down and need to have perfect credit to own and
are unaware of programs that would allow them to buy now.
Holden Lewis, a mortgage analyst for Bankrate.com , pointed
to one big reason why many Americans are starting to consider homeownership:
“Having kids and raising a family is a primary reason why Americans take the leap into homeownership—many
consider it a key component of the American dream.”
Bottom Line
If buying a home is a part of your dream for 2017, let’s get together to determine if you are able to.