It’s the American dream…to own your own home. But have you considered the specific benefits of home ownership? Studies show the following benefits for home owners:
- Improved tax advantages…thereby lowering your overall tax burden.
- Forced savings program (in the amount of principal paid each month on the mortgage)…especially if the home is appreciating in value (which over the long run, they generally do).
- Stability in house payment each month (whereas rent payments increase over time).
- Freedom! (ability to do with the house what you will…no more landlord approval needed on changes to the interior).
- Improved academic success for children.
- Increased access to economic and educational opportunities.
- Improved quality and stability of the surrounding neighborhood.
- A higher overall quality of life including higher life satisfaction, higher self-esteem, and higher perceived control over their lives.
- Decreased likelihood to become a crime victim.
- Improved structural quality of housing (and high quality structures have been found to also raise mental health of occupants).
- Lower teenage pregnancy rates in children of homeowners.