In the current real estate market, it can be hard to see the benefits of owning a home. Some people actually believe that it may be overrated and that we’d be better off as a nation of renters. However, what these people fail to recognize is that home ownership can be extremely beneficial; it inspires feelings of comfort, pride, security, and stability, while also generating job opportunities and positive social environments.
Being a home owner can provide you with better opportunities for a connected family dynamic and stable community. Typically, home owners are more actively engaged with their families and communities than renters (exhibited by activities such as volunteering at schools/local organizations or coaching athletic teams.) When homeowners become more involved in this way, it establishes a cohesive community and strong, bonded families. Homeowners also tend to move less frequently than renters, which embed them into the same neighborhood and community for a longer period of time.
Another advantage to home ownership is improved health and safety conditions. Owning a home can produce higher life satisfaction, higher self-esteem and higher perceived control over life. All of these things lead to better overall health and safety.
Home ownership also enforces a stronger local and national economy by creating jobs in the home service industry (electricians, contractors, landscaping, etc.) In fact, according to HouseLogic.com, home owners generate as much as $60,000 of economy activity in the local and surrounding area – that means that in addition to being a positive impact to you, being a home owner is also helpful to your neighborhood, town, city and nation.
Last, but certainly not least, buying a home can make you feel a little better about yourself as well. Homeowners experience the benefits of pride of ownership and the sense of belonging in a community where they have financial stake in their neighborhood. Owning a home also contributes to the “American Dream.” This influential milestone appears to make homeowners happier. Owning your own home is a long term commitment and not one to enter in lightly, but it’s a commitment that can prove advantageous.