Is there a relationship between Home Ownership and Family Health?
Home Ownership and Family Health
Recently the National Association of Realtors released a new study titled “Social Benefits of Homeownership and Stable Housing.” Most Americans believe that home ownership is the goal of most American households. We also believe that home ownership allows households accumulate social status and wealth. It’s the building block for a number of positive outcomes – family, civic, social and economic. The study confirms what most Americans believe to be true.
One section of the report quotes several studies regarding the impact of home ownership on the health of family members. Some of the major findings revealed on this issue are:
Major Findings
There’s a strong relationship between living in poor housing and a range of health problems, such as asthma, toxic substance exposure, injuries and mental health. The study shows that owner occupied homes are generally in better condition rental properties
Additionally, the study found that there is a correlation between increases in housing wealth and better health outcomes for homeowners.
When people with lower incomes became home owners, they reported increases in life satisfaction and self-esteem. In addition,they report that they have better control over their lives.
Homeowners also report higher self-esteem and happiness than renters. And they also report better self ratings on their health.
When renters become homeowners, they report a significant increase in housing satisfaction. This holds true even if they purchase the same home they were renting.
The study also showed that, on average, homeowners are significantly healthier than renters. And homeowners are 2.5 percent more likely to be healthier. When adjusted for an array of socioeconomic, demographic, and housing–related characteristics, the advantage of home ownership is even larger at 3.1 percent.
Bottom Line
It’s a proven fact that there are financial benefits to owning your own home. This study also shows that there are social benefits in owning your own home. When you’re ready to begin reaping the benefits of owning your own home, please contact us. We can help you like we’ve helped hundreds of other families.
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