Owning a home has long been part of the American dream. But did you ever consider why this is? Sure, for some it’s a good investment: their money goes toward their own equity rather than a landlord, and many people can make a profit by selling their home one day. However, as it turns out, you can get a host of mental and emotional benefits from homeownership as well.
As one of the biggest purchases you’ll make in your life, purchasing a home improves your self-worth and satisfaction significantly. Simply put, when you work hard to save, research, and finally buy a home, getting those keys is a feeling like no other.
Control and responsibility
Continuing the self-worth theme, homeowners often revel in being in control of the place they live, whereas renters are often subject to the property owner’s rules. The freedom to customize your place to your liking and take responsibility for its overall physical and financial upkeep can also lead to greater happiness.
Stability and security
For the most part, homeownership is a long-term commitment—for you and your lender. This adds a world of security to your day-to-day living and overall stability (assuming you stay on top of your bills, of course). In fact, according to the 2018 American Community Survey from the United States Census Bureau, homeowners stay in their home for thirteen years on average versus two years for those in rental properties.
Oftentimes, when kids (or even young adults) move to a new house, it can seem like their world is in upheaval. Research shows that, because of the aforementioned long-term stability of homeownership, children of homeowners tend to do better in school and participate less in dangerous behaviors.
Everyone inherently craves a sense of belonging, and homes facilitate this through their neighborhoods. Becoming part of a community and growing with it also provides a greater purpose beyond yourself and your own family—simply put, much like the way you invest in your home, you invest in your community.
For more info, visit realtor.com or contact your real estate agent.