Owning
a Home is Good for You
Homeowners Are Happier According to Study.
"Take
two aspirin, buy a hone, and see me in a week."
That's what your doctor just might say the next time
you see her/him when feeling a little under the weather.
In the first serious study on the effects of homeownership,
a university concludes that owning a home provides
numerous social benefits, Ranging from environmental
awareness to school achievement, it's healthy to own
a home.
The study was commissioned by the Homeownership Alliance,
A Washington D.C. based, non-profit group committed
to homeownership in America, and made up of community
bankers, mortgage bankers, home builders, real estate
agents, consumer advocates and a number of housing
industry organizations. Robert Dietz, a professor
at the School of Business at Ohio State University,
headed the study.
"Given the governmental policy commitment to
promoting homeownership an understanding of the positive
impacts of homeownership is critical in assessing
the efficiency of these policies," Dietz said.
"On the whole, homeownership is associated with
positive social outcomes at the individual, household
and community level. These positive social outcomes
include higher household life satisfaction and happiness.
Children of homeowners are likely to perform higher
on academic achievement tests and are more likely
to finish high school. Furthermore, children of homeowners
have fewer behavioral problems in school and are less
likely to become pregnant as teenagers. Political
activity, such as voting an participation in civic
organizations, is higher among homeowners.
Homeowners are more satisfied with their lives and
are happier than non-homeowners, and even affluent
renters.
Some of the most recent research suggests that high
levels of homeownership in neighborhoods enhance property
values.
"Through their investment in the home - and therefore
in the local neighborhood - homeowners appear to be
overall more involved in their communities., This
involvement by homeowners generates benefits for their
communities in addition to the benefits for their
families. These spillover benefits suggest that the
neighborhood homeownerships rate itself may produce
positive social consequences for communities,"
Dietz said. "Homeownership makes every place
a better place, and this new study quantifies it."
Lastly, does owning a home make us appear younger,
better looking and able to fit in all our clothes?
No word from Professor Dietz on these possible benefits.
Looks like we'll have to wait until Entertainment
Tonight" does its housing study.