Non-Financial Benefits of Homeownership
A home is more than just a place to live. Homeownership is considered an essential component of the American Dream. Most people in the U.S. believe that homeownership is a key indicator of achieving prosperity and success. Owning a home offers numerous financial advantages. Other benefits include having a reliable place to host parties, establish your traditions, and raise your family in the desired manner.
Homeownership makes your life more stable. You can put your roots down in a solid place to avoid frequent moving (which is expensive and aggravating). Renters who are forced to shift from one place to another know the hassle. Owning a home enables you to plan for the long term.
Home ownership allows you to live as per your tastes and likes, and not be forced to follow any landlord’s rules. You can decide if you wish to decorate in a shabby chic, rustic or modern style. Plant trees and remove the hedge if you prefer. Select your desired wallpaper or paint colors. Keep a pet and remodel by gutting the kitchen or tearing down the walls. You are the homeowner and landlord, and you can freely make all decisions.
You can enjoy your leisure periods more, and sleep better. Heck, you might be even able to improve your cooking, although these improvements might not be very noticeable. The National Association of Realtors (NAR) states the following additional benefits of homeownership:
Improved educational accomplishment by your kids
NAR research studies indicate that homeowners’ children are considerably more likely to obtain a higher education level. This can increase their life’s earning potential. Research shows this finding applies to both high- and low-income areas.
More community engagement
Owning a home enables you to connect more deeply with your town and neighborhood. You can develop robust relationships with your neighbors and friends, local schoolteachers, and shop owners. You could also volunteer for local causes to give back to society. In this way, you can build a strong support system that can make life more pleasant and easier.
Improvement in physical and mental health
Research indicates that homeowners and their families are generally healthier and happier compared to renters. This is because of factors like enhanced privacy. Homeowners also live more securely as they know that they are safe from the whims and fancies of a landlord who can demand higher rent or force them to shift.
These results indicate that homeowners have more self-worth and feeling of control, compared to renters. Most people long deeply to own their private turf and space. Plus, the desire for homeownership and the ability to create a happier and more secure future motivates most people to accomplish more.