July 21st, 2015
Everyone talks about the tax benefits of buying a home and the long-term financial advantages created by increased equity in your home. But few talk about the associated benefits of homeownership, and they might surprise you.
“America has a long tradition of homeownership,” said the New Jersey Association of REALTORS®. “This country was founded by settlers who braved the wilds, faced the unknown, and claimed a bit of the American countryside for their own. Having a stake in the land upon which we live is rooted in the fabric of the American psyche.”
A report from the National Association of REALTORS® found that homeownership positively impacts educational achievement, with homeowners having “a significant effect on their children’s success. The decision to stay in school by teenage students is higher for those raised by home-owning parents compared to those in renter households,” they said. “Furthermore, daughters of homeowners have a much lower incidence of teenage pregnancy.”
Potential reasons for this: “Certain behavioral characteristics required of homeowners that get passed onto their children,” such as the financial commitment that leads homeowners “to minimize bad behavior by their children and those of their neighbors that can negatively impact the value of homes in their neighborhood”; homeowners assuming “a greater responsibility such as home maintenance and acquiring the financial skills to handle mortgage payments;” and “neighborhood stability.”
An additional study shows that “homeownership has positive effects on the academic achievement of children (with) significant effects of home environment, neighborhood quality, and residential stability on the reading and math performance of children between the ages of three and twelve.”
There are also hundreds of dollars worth of coupons from companies like Best Buy, Lowes, and Bed Bath & Beyond available in the change of address form you fill out at the post office or online
Written by Jaymi Naciri