The National Association of Realtors recently released a study titled ‘Social Benefits of Homeownership and Stable Housing.’ The study confirmed a long-standing belief that most Americans hold:
“Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.”
What this means is homeownership provides several positive outcomes with some related to education. As you may know we on the Monica Foster Team are huge proponents of education and participate in the Communities-in-Schools Bay Area activities to keep kids in school. Fortunately, several aspects of homeownership directly support this goal:
- The decision to stay in school by teenage students is higher for those raised by home-owning parents compared to those in renter households.
- Parental homeownership in low-income neighborhoods has a positive impact on high school graduation.
- Though homeownership raises educational outcomes for children, neighborhood stability may have further enhanced these outcomes.
- Children of homeowners tend to have higher levels of achievement in math and reading and fewer behavioral problems.
- Educational opportunities are more prevalent in neighborhoods with high rates of homeownership and community involvement.
- The average child of homeowners is significantly more likely to achieve a higher level of education and, therefore, higher incomes.
People often talk about the financial benefits of homeownership but there are also social and economic benefits of owning your own home as well.