Many people know that buying a home can be an excellent financial decision. But owning a home hasmany social benefits, too.
HEALTH AND HAPPINESS
Homeowners generally have fewer health problems and report greater happiness than renters—even when the homeowners
and renters have the same incomes and education levels.
Homeownership may help parents engage in positive parenting behavior with more opportunities for school involvement or
participation in neighborhood activities. And residential stability has a positive effect on reading and math performance of children
between the ages of three and 12.
Homeowners get more engaged in organizations that serve their community— like schools—regardless of whether they
live in high-value or low-value homes. Home owners also form more relationships with neighbors they can count on for support
and friendship. And homeowners are more politically and civically active.
Neighborhoods with more homeowners have less property and personal crimes than neighborhoods with more renters,
even when comparing areas with similar socioeconomic characteristics.