Home ownership does matter. It has a significant impact on net worth, educational achievement, civic participation, health, and overall quality of life. Plus, it helps create jobs, lots of them, right in your community. Did you know that for every two homes sold in the U.S., one job is created?
A few more perks of home ownership:
As you pay down your mortgage, you own more of an increasingly valuable property. Sometimes you can borrow against this equity for home improvements or other investments.
The real estate market does fluctuate, but over time the value of your property could appreciate.
Interest and closing costs are big expenses. However, when you file your taxes, you may be entitled to deductions based on points and interest paid during the year. This can be a very significant benefit especially in the early years of ownership when you are paying more interest.
Studies show that children of homeowners are more likely to graduate from high school and college, have better overall grades, and fewer behavior problems. They are likely to someday become homeowners as well.
Homeowners are more likely to maintain their homes, become involved in solving local problems, be part of community groups, are more likely to vote, and will remain in their homes 4 times longer if they own it.
Homeowners are more likely to attend church, belong to parent-teacher groups, read local newspapers, and have less alcohol and substance abuse problems.
Stability, freedom, privacy
Owning a home has a significant impact on overall quality of life, including health, happiness, and security. Homeowners tend to have a greater sense of control over their lives.