What are the Economic Benefits of Homeownership?
We all know that owning a home remains one of the primary ways Americans build wealth. As long as housing values remain stable or increase, making a mortgage payment every month creates equity. Homeownership is also awarded by our tax system. The mortgage interest deduction, for instance, translates into billions in tax benefits to homeowners. Yes, there are financial benefits to owning a home.
Are There Non-Financial Benefits to Homeownership?
Studies say, “yes.” Homeowners tend to have better mental health. Homeowners tend to have better physical health. Homeowners have greater civic engagement. Homeowners have more satisfaction overall! These positive outcomes seem to be driven by a sense of control and stability. Even academic outcomes tend to be higher for children who live in a house owned by their family. There is evidence from numerous studies that attest to the benefits of homeownership. Lower crime rates. Higher participation in the community. More volunteerism. Less welfare dependency.
So, What’s the Best Reason to Own a Home?
A home makes families and communities healthier and happier!