My Real Estate Blog

According to a recent survey, conducted on behalf of the National Association of Home Builders, "An overwhelming 75% of the people who were polled said that owning a home is worth the risk of the fluctuations in the market, and 95% of the home owners said they are happy with their decision to own a home."

There is good reason for homeowners to feel this way. Home ownership offers people a wide range of benefits, including many that reside outside of your pocketbook. The first benefit is stability. According to the National Association of Realtors and their 2010 study named Social Benefits of Stable Housing, "Stability has far-reaching effects. Studies have revealed that children of homeowners are more likely to graduate and less likely to live in areas with high crime rates. Responsibility is also passed down to the next generation. Daughters of homeowners have a lower incidence of teen pregnancy."

According to the survey, "A home purchase naturally involves one of the largest financial commitments most households will undertake. Homeowners, therefore, tend to minimize bad behavior by their children and those of their neighbors that can negatively impact the value of homes in their neighborhood. Also, homeowners are required to take on a greater responsibility such as home maintenance and acquiring the financial skills to handle mortgage payments. These life management skills may get transferred to their children."

Home ownership even affects our health. This same NAR study found that homeowners report higher levels of physical health, even after the study adjusted for age and socioeconomic factors. 

According to Celinda Lake, president of Lake Research Partners. "People believe overwhelmingly that owning a home is an anchor to the American Dream," she said. "It's an anchor to your retirement, and it's an anchor to your personal economic well-being."

Almost three-quarters of those who do not currently own a home said owning a home is one of their goals. Among younger voters who are most likely to be in the market for a home in the next few years, the percentages are even higher.

This is why 80% of owners would recommend homeownership to those they know. If you're in the market, maybe it's time you took listened to their advice! Historically low interest rates and high rates of affordability make now a great time to buy.