The National Association of Realtors (NAR) recently released a study called ‘Social Benefits of Home ownership and Stable Housing’. Its biggest lesson being, “Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Home ownership allows households to accumulate wealth and social status.”
Some main ideas from this study are as follows:
- Homeowners have a greater financial stake in their neighborhoods than renters, putting time and money into their home which not only adds to the value of their home, but value and commitment to the neighborhood.
- Commitment in neighborhoods/communities leads to increased social capital, higher rates of voluntary organization membership, and stability in a home.
- Homeowners are more politically active, 77% voted in local elections compared to the 52% of renters.
- Political activity also leads to increased political awareness, 38% of home buyers knowing the name of their local school board representative compared to the 20% of renters.