The many benefits to owning a home - Sentinel-Tribune | Sentinel-Tribune | Sentinel-Tribune

The many benefits to owning a home

Written by Sentinel-Tribune Staff

Thursday, 28 February 2013 10:28

Search online for the topic "benefits of home ownership" and you will find many related articles. Sources range from the National Association of Realtors, economist commentaries and Habitat for Humanity.
They all list the many benefits to the individual and society that result from home ownership.
Following are just a few of those benefits:
• Homeowners take on a greater responsibility in the community, such as home maintenance.
• Membership in voluntary organizations and church attendance increase.
• Civic participation in both local community and national issues (including voting) go up.
• Homeowners have been shown to have a greater attachment to the neighborhood and neighbors, and increase their charitable activity.
• Homeowners are three times likely to own a business than renters.
The financial benefits to home ownership are huge. Putting money into something you own rather than giving it to a landlord, as well as the tax deduction, have great benefits.
Homeowners also support many businesses in the course of maintaining their homes, which is good for the economy in general.
According to these reports, the benefits to children are also remarkable. Here are some of those:
• Higher student test scores by children living in owned homes.
• A higher rate of high school graduation, which equals higher earnings.
• Greater participation in organized activities.
• Children of homeowners are 116 percent more likely to graduate from college.
These are just some of the societal positives about owning a home that are listed on various Web sites.
Here is the final item to note from the lists: Homeowners reported higher life satisfaction, higher self-esteem and happiness and higher perceived control over their lives.
Owning a home is not a panacea for the troubles of life and, naturally, owning a home brings along its own list of issues to be handled.
However, if you are on the fence about whether renting is better or easier than buying a home, consider these benefits. Do a search online to find additional information.
(Deb Shaffer, of Welles Bowen Realtors, is president of the Wood County Board of Realtors.)