The National Association of Realtors (NAR) recently released a study called ‘Social Benefits of Homeownership and Stable Housing’. Its biggest lesson being, “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.”
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Some main ideas from this study are as follows:
- Children of homeowners tend to have less behavioral issues, more education (which leads to more earnings), more achievement in math and reading, and decide to stay in school more often than children of home-renters.
- Educational opportunities are more prevalent in home-owning neighborhoods.
- Homeownership in low-income neighborhoods leads to more success in terms of graduating.
- Neighborhood/home stability tend to have a positive impact on the children of those neighborhoods/homes.
Home ownership doesn’t only benefit you, it benefits the family and society.