The National Association of Realtors recently released a study titled
‘Social Benefits of Homeownership and Stable Housing.’ The study confirmed
a long-standing belief of most Americans:
*“Owning a home embodies the promise of individual autonomy and is the
aspiration of most American households. Homeownership allows households to
accumulate wealth and social status, and is the basis for a number of
positive social, economic, family and civic outcomes.”*
Today, we want to cover the section of the report that quoted several
studies concentrating on the impact homeownership has on the health of
family members. Here are some of the major findings on this issue revealed
in the report:
– There is a strong positive relationship between living in poor housing
and a range of health problems, including respiratory conditions such as
asthma, exposure to toxic substances, injuries and mental health. Homes of
owners are generally in better condition than those of renters.
– Findings reveal that increases in housing wealth were associated with
better health outcomes for homeowners.
– Low-income people who recently became homeowners reported higher life
satisfaction, higher self-esteem, and higher perceived control over their
– Homeowners report higher self-esteem and happiness than renters. For
example, homeowners are more likely to believe that they can do things as
well as anyone else, and they report higher self-ratings on their physical
health even after controlling for age and socioeconomic factors.
– Renters who become homeowners not only experience a significant
increase in housing satisfaction but also obtain a higher satisfaction even
in the same home in which they resided as renters.
– Social mobility variables, such as the family financial situation and
housing tenure during childhood and adulthood, impacted one’s self-rated
– Homeowners have a significant health advantage over renters, on
average. Homeowners are 2.5 percent more likely to have good health. When
adjusting for an array of demographic, socioeconomic, and housing–related
characteristics, the homeowner advantage is even larger at 3.1 percent.
People often talk about the financial benefits of homeownership. As we can
see, there are also social benefits of owning your own home.