Homeowners Find Social Advantages
Not only does home ownership benefit the economy as a whole, but the social benefits provided by ownership are immense. The National Association of Realtors (NAR) reported the housing division accounted for about 14 percent of total economic activity last year.
The report showed teens from owned households tend to have a higher rate of staying in school, less chances of becoming pregnant and are significantly more likely to achieve a higher level of education. Ultimately, teens in owned homes are more likely to grow up to make higher earnings than those who were raised in rental homes. Children and teens tend to have stronger and more positive educational experiences due to home ownership.
Homeowners are exposed to daily home-maintenance and more financial responsibilities which embeds a sense of responsibility in their children and teaches them life management skills. In addition, the studies show those raised in an owned home have increased civic duty application and voting participation within their community. The sense of having more permanent and higher stakes within the neighborhood contributes to the elevated call for action in some. Owners have much more to lose than renters since property, non-property and neighborhood crimes directly diminish the value of homes, resulting in financial losses for the entire community of homeowners.
Another study shows that low-income people who recently switched from renting to owning reported higher life satisfaction, higher self-esteem and an apparent higher control over their lives in addition to a higher level of happiness. To learn how to buy a home with little money down, visit www.guaranteedrate.com.