The Real Estate Blog

Is it beneficial to own a home now?

February 7th, 2011 3:34 PM by Wendy Thomas

Realtor Magazine recently released an article titled "Home Ownership & the American Dream".  In it, they surveyed over 1800 owners and over 1100 renters and some of the results are listed below:

  • 56% of owners are either very or extremely satisfied with their overall quality of life, versus 36% of renters.
  • 51% of owners are either very or extremely satisfied with their family-oriented environment, versus 37% of renters.
  • 82% of owners usually or always read/listen to the local news, compared with 73% of renters.
  • 78% of owners usually/always vote in local elections, versus 58% of renters.
  • 25% of owners usually/always volunteer time to non-profits or charities, compared with 15% of renters. 

The results of the study-- that there is a "strong correlation" between being a homeowner and 1)community satisfaction, 2)high quality of community life, 3)a community connection, 4) civic engagement, and 5) volunteerism.

So what does this really show? Home ownership does matter. The benefits go beyond a feeling of being established, more financially secure, and a feeling of working to achieve the "American Dream".  Being a homeowner makes you feel that you are a part of a larger community. It may give you more incentive to vote, and take part in activities that promote your community and make your town or city a better place. 

Throw in tax incentives, making a house a home, and these days, and making an investment that can be financial and emotional, and all signs will point to owning a home being the best choice. 

With all of the negative press that we've all seen about foreclosures, difficulty in getting a mortgage, and decreases in home values, I think it's important to focus on what truly matters in home ownership.  We need to buy for the right reasons, and listed above are just a few of them.

Thanks to Realtor Magazine for statistical data in this blog.

Posted in:General
Posted by Wendy Thomas on February 7th, 2011 3:34 PM

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