Hello, Everyone!

Today we're discussing the benefits of homeownership and why owning your own home is a good idea. Next time, we will take a closer look at the proverbial other side of the coin in an effort to provide a balanced view of this controversial topic, so that you can decide for yourself whether or not owning a home is right for you.

Alright, so you've heard that owning your own home is a good thing, but why? Here are some of the answers I found. For more information, click on the source links provided after each segment:

1. Freedom from noisy neighbors. In many cases, your own home provides you with more privacy than rental living. For some people this translates into a more quiet living environment, for others it's the ability to have a garden or a garage for the car. 
2. The ability to change your home as you like. Always wanted a yellow kitchen or a back porch? In your own home, you make whatever changes or improvements you like. This benefit gives you more control over your living environment, allowing you to make adjustments as your family changes or just as your personal taste dictates.
3. Parents who own their own home may be helping to boost their children's educational achievements and even reduce behavioral problems, according to a new nationwide study. The research showed that for children living in owned homes rather than rental units, math achievement scores are up to 9 percent higher, reading achievement is up to 7 percent higher and behavioral problems are 1 to 3 percent lower. One of the main reasons that children of homeowners did better was the differences in living environment, Haurin said. Findings showed that owning a home compared with renting leads to a 13 to 23 percent higher-quality home environment. Owners have more of an incentive to make improvements in their home and create a more positive living environment, Haurin said. "They may be able to do things like create a better play area for their children, which could help their intellectual development. The benefits of homeownership were also shown by the fact that children did better the longer they lived in owned homes.
4. Homeownership builds confidence. Owners possess significantly higher levels of self-confidence than renters.
5. Homeowners are more involved in civic affairs, including voting in the last election and knowing their elected officials.
6. Homeownership builds wealth. The median net worth of most modest-income owners is almost $60,000 compared to less than $10,000 for renters in the same income group.
7. Homeownership provides tax benefits. The typical homeowner that pays a $1,000 house payment will realize tax savings of about $120 each month.
8. Homeownership contributes toward lower crime rates. Homeownership and a stable housing helps contribute toward lowering crime rates. Homeowners have a greater financial stake than do renters especially in the case of property crimes or other crimes in their neighborhood. Hence, homeowners have more reason to prevent crime by working with the society and participating in crime prevention programs. The research also states that homeowners are less likely to become crime victims. Homeownership lowers dependency on public assistance. Homeownership and stable housing in a stable neighborhood brought down the rate of teenage pregnancy consecutively reducing the use of public assistance. Another research points out that homeowners are able to cope better after being laid off from their jobs because they can access their home equity credit lines rather than turn to public assistance.

I hope today's blog entry will help get you thinking about the benefits of homeownership! There are some strong opinions and supporting evidence from credible sources out there that seem pretty convincing. But is homeownership for you? Check out our upcoming blog entry to get the other side of the story and decide for yourself! We welcome your input, opinions, ideas and suggestions! If you have something to share with us on this topic, please post your comments on this discussion.Return frequently to see what is new,

Evelyn Bruder,REALTOR, CRS, GRI, ABR, E-PRO