Home Ownership
With the recent release of an extensive study on Social Benefits of Home ownership and Stable Housing 2010 by the National Association of Realtors®, it is more apparent than ever that the American Dream of owning a home is the heart of America. You can read the full report at Realtor.org (the link will direct you to a PDF).
The financial benefits of home ownership are obvious – mortgage interest deduction on taxes, building equity in your own home rather then paying rent to a landlord but some of the less obvious benefits are equally as important:
- Educational achievement
- Civic participation
- Health benefits
- Crime
- Public assistance
- Property maintenance and improvement
NAR’s study identified research from government, industry and academia that identified the relationship between home ownership and stable communities according to RISMedia. They report that homeowners move far less frequently than renters and therefore are embedded into the same neighborhood and community for longer. This allows for social cohesion, ultimately resulting in social benefits and stronger communities.
NAR President Vicki Cox Golder states, “Realtors care as much about keeping families in their homes as they do about helping them find the home of their dreams. Social benefits do not arise solely from ownership, but also from greater housing stability and social ties associated with less frequent moves among homeowners.”
In my own neighborhood, which is predominately owner-occupied Kentucky houses, I have observed the formation of a strong Homeowner’s Association, Neighborhood Crime Watch, Social Activities as well as Physical Activities such as runners, bikers, walkers, etc. Neighbors watch out for each other and anticipate long lasting relationships between each other and their children.
As Realtors® it is vital that we embrace and understand the dynamics behind home ownership and continue to study and learn the motivation, needs and desires of the home owner today and the home owner of the future.
