Homeownership is Good For Your Well-being

Owning a home is a critical part of the American dream and the economic benefits of homeownership are immense. Instead of paying rent every month to someone else who gets all of the benefits of home ownership, you get all of the benefits of  purchasing something that you will own, which usually appreciates in value and offers significant tax benefits. But there's more to owning a home than financial profit. Did you know that owning a home has been proven to be better for your health, your well-being, and the health and well-being of your family? This blog is about why this is so.

There have been many studies on the psychological impact of homeownership; this is a summary of a few salient points from these studies, with more description to follow. These are study outcomes, reflecting general trends. There are, of course, people who do not fit these outcomes:

1. Your community thrives
2. Your kids gain confidence and a strong sense of safety and security, thus doing better in school and setting a foundation for a successful life
3. It creates a healthier environment
4. The economy prospers
5. You don’t have to worry about a lease and rent increases causing you to  have to move from year to year

“Pride of Ownership” is the concept that gives the homeowner the desire to invest time, money, and energy in their homes, neighborhoods, and local communities. Homeowners are more likely to participate in local elections, become part of a church/religious organization, volunteer, and join community organizations. Children of home owners tend to do better in school because they  feel the stability and security around them. They are statistically much more likely to graduate from high school than children of renters and less likely to engage in criminal activity and become teen parents. People who own their own homes rather than renting tend to be more stable, and stability is good for kids.

There is also evidence that homeowners have higher self-esteem and are happier than renters and statistically even have better physical health generally. People staying in the same place tend to develop positive and supportive friendships, as well as support systems, which are proven to be good for your health. Also, having equity in your home gives you more financial options should you need to access resources to deal with health concerns.

As you can see, the benefits of owning your own home go beyond the obvious and significant financial ones. With mortgage rates and house prices as low as they are, now is the time to secure a home for you and your family’s future. At Intercoastal Mortgage Company we can help you achieve this goal and we provide the highest quality service to our clients. Contact me for help with this and together you can obtain the American dream of homeownership.