Greater Cleveland Real Estate Blog

Recently I came across an ad in Parent’s Magazine  about the social benefits of home ownership.  I thought that I would share them here. 

There are many important benefits to owning a home.  Pride of ownership, tax benefits, building equity all of which we speak frequently about.  However, in addition to these important benefits are substantial social benefits for families, communities and the country as a whole. 

1) Higher Academic Achievement: The National Association of Realtors suggests that several studies have shown that there is a direct correlation between home ownership and educational achievement.  Home owners are more involved with their children’s lives especially when it comes to schooling, says a study done by Richard K. Green and Michelle J. White in 1997.  Also home owners tend to move less often than renters.  This stability adds to a child’s success in school. 

2) More Cohesive Communities: Check out these numbers from the same NAR ad,  28% of home owners are more likely to repair or improve their home when owning. 15% of home owners are more likely to vote then renters, 11% more likely to know who represents them in Congress, and 9% of home owners are more likely to know who their school board representatives are.  Simply put home owners stay longer in a community so they feel the need to improve and are more involved in the community.

3) Better Connected Families: Along with being more involved in their communities, home owners are more active and connected to their families.  Compared to renters home owners are less likely to have alcohol and substance-abuse problems, and 16% more likely to belong to parent-teacher organizations.  (All statistics from research compiled by the Cincinnati office of the Neighborhood reinvestment Corporation, April 2003).

4) Improved Health and Safety:  Home ownership is proved to reduce crime.  Home owners have a financial stake in the value of their home.  Therefore, owner have more incentive to deter crime by forming and implementing voluntary crime prevention programs. Also, home owners are happier and healthier then non-owners.  In fact one study found that people who recently become home owners reported higher life satisfaction, self-esteem and perceived control over their lives.

5) Stronger Economy: Home ownership creates jobs: remodeling, landscaping, lawn and pool service, home improvement and real estate services.  In fact, NAR says, that each home purchase generates as much as $60,000 of economic activity in the local a surrounding area.  A home owner’s net worth is 45.9 times that of a renters.

In general home ownership leads to stronger communities and happier people.  Why not get started in you home search today!

If you would like to get started buying or selling your Shaker Heights, Pepper Pike, Solon, Cleveland Heights or Chagrin Falls home please contact Ellen at 216-789-9368 or email Ellen@NoPlacelikeCleveland.com