For many families, owning a home is still part of the American Dream. One of the main reasons why so many Americans continue to strive for home ownership is that it's often tied to living a better quality of life. The responsibilities that come along with home ownership, such as financial independence and community involvement, are just two benefits to having a more secure, healthy foundation with your family. But that's not all. Recent research by The National Association of REALTORS®
suggests that there are other social benefits to home ownership. Benefits that will help your kids out in the long-run.
Statistics show that owning a home can improve a child's self esteem, both in their responsibilities to community members as well as in school. One reason being that home owners move around less often, and are therefore more established in their immediate surroundings. This study notes that: "while 4.7 percent of owner-occupied residents moved from 2010 to 2011, 26 percent of renters changed residential location." Not only does staying in one place reflect a sense of commitment, but it also allows them to grow and strengthen ties with their neighbors. Of course, it must be said that the positive reasons for staying in one place does not justify the value of home ownership over renting. Factors such as unfavorable community members, crime rates, and unhealthy social structures, should not be taken lightly. However the authors of this study do state that certain behavioral characteristics required in homeowners are passed on to children. Greater responsibilities, commitment and the value of long-term planning, for instance, are vital to achieving successful home ownership, as well as upward mobility in other areas of life.
"There is evidence from numerous studies that attest to the benefits [of home ownership] accruing to many segments of society,” according to Canadian researchers. “Home ownership boosts the educational performance of children, induces higher participation in civic and volunteering activity, improves health care outcomes, lowers crime rates and lessens welfare dependency."
If there is one factor that weighs above all, it is that residential stability
serves as a link between life management and behavioral skills, making the chances of educational success more likely for children to obtain. Click here
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