Home Ownership & Family Health
The National Association of Realtors (NAR) released a study titled ‘Social Benefits of Homeownership and Stable Housing.’ The study confirmed a 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.”
Here are some of the findings in NAR’s report:
- There is a strong 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.
- Low-income people who become homeowners report 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 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.
- On average, homeowners have a significant health advantage over renters. Homeowners are 2.5% more likely to have good health. When adjusting for demographic, socioeconomic, and housing–related characteristics, the homeowner advantage is even larger at 3.1%.
Real Estate Bottom Line
People often talk about the financial benefits of home ownership. There are also social benefits of owning your own home.