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 homeowner 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.
Christine is the Content Marketing Coordinator for Homes.com. She's a small town girl at heart, who currently lives in Norfolk, VA with her husband and their fur baby. When she's not working, she enjoys cooking, decorating, traveling, and binge watching Netflix. As a proud Virginia Tech alum, she also loves cheering on the Hokies!
