A home is more than just a roof and walls. The financial benefits of being a homeowner are easy to calculate. However, homeownership also has lifestyle, health, and social benefits for the homeowner, their extended family, and the community.
Gain a community
Homeowners often feel more attached to their community. The more homeowners who reside in a neighborhood, the more stable and secure the neighborhood will be for all residents. Many neighborhoods have associations that will plan social events and volunteering opportunities so you can get to know the people who live around you.
Psychologically, owning a home provides a sense of stability to homeowners. If you have children or want to start a family, owning your home can provide your family with the stability to plan for the future. You can stay put until you decide that the time is right for you to move, and when you do, you take the equity you’ve earned to help purchase your next home.
Studies show that overall well-being for a person improves when they move from renting to owning a home. A national survey of Habitat for Humanity homeowners found 74% of families had an improvement in their overall health after achieving homeownership. Homes lived in by their owners are generally in better condition than those of renters. A steady home provides the family with higher self-esteem, lower levels of distress, and more positive mental health, which helps lower blood pressure.
According to a study in the Journal of Urban Economics, children of homeowners are significantly more likely to stay in school until age 17 than children of renters, especially in low-income households.
Children who lived in a homeowning family outperform children in renting families in both math and reading achievement tests. These children often have higher self-esteem, fewer behavioral problems, higher educational attainment, and greater future earnings, according to a study by an Ohio State University economist.
Show your style
Most landlords will not allow you to personalize the rental property by hanging pictures, painting walls, or retiling the backsplash. Buying a home gives you the flexibility to make cosmetic and functional modifications so your home can reflect your style and living requirements.
Renters do not gain any monetary value when they improve the property where they live. As a homeowner, any improvements are investments that will contribute to the home’s value.
Get a pet
It is often difficult to find a rental property that will allow you to have a pet. And when they do, landlords usually require a pet deposit. When buying your own home, particularly one with a back yard, you gain the freedom to own dogs, cats, birds, lizards, chickens, or any other type of pet. Homeowner associations can restrict the number of pets, size, and breed of dogs, so check the HOA regulations before buying into an HOA community.