Financial benefits of home ownership receive a lot of press, with good reason. But did you realize that buying that Sussex or Morris County home you’re considering could also mean positive impacts on family members’ health? Read on to learn why changing from renting to home ownership makes more sense than ever!
The National Association of Realtors recently released a study titled 'Social Benefits of Homeownership and Stable Housing' which concluded:
“Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.”
Whoa! That’s a lot of positive outcomes! Sounds good so far, but what exactly does that mean?
The section of the report concentrating on the impact of homeownership on family health revealed:
- Homeowners hold a significant health advantage over renters, on average. Homeowners are 2.5 percent more likely to possess good health. When adjusting for an array of demographic, socioeconomic, and housing–related characteristics, the homeowner advantage increases to 3.1 percent.
- Increases in housing wealth were associated with better health outcomes for homeowners.
- Homeowners report higher self-esteem and happiness than renters. For example, homeowners are more likely to believe that they can do things as well as anyone else. Homeowners also report higher self-ratings on their physical health even after controlling for age and socioeconomic factors.
- Renters who become homeowners not only experience a significant increase in housing satisfaction but also obtain a higher satisfaction even in the same home in which they resided as renters.