Homeownership & Educational Achievement
The National Association of Realtors (NAR) released a study called ‘Social Benefits of Homeownership and Stable Housing.’ It states:
“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.”
I want to delve into the section of the report that quoted several studies regarding the impact homeownership has on educational achievement. Here are some of the findings from the report:
- The decision to stay in school by teenage students is higher for those raised by home-owning parents compared to those in renter households.
- Parental homeownership in low-income neighborhoods has a positive impact on high school graduation.
- Though homeownership raises educational outcomes for children, neighborhood stability may have further enhanced the positive outcome.
- Children of homeowners tend to have higher levels of achievement in math and reading and fewer behavioral problems.
- Educational opportunities are more prevalent in neighborhoods with high rates of homeownership and community involvement.
- The average child of homeowners is significantly more likely to achieve a higher level of education and, thereby, a higher level of earnings.
Real Estate 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.