Owning Your Own Home
Improves Quality of Life
© NCAR Magazine www.ncrealtors.org
T.S. Elliott wrote: "Home is where one starts from."
Homeownership is part of the American Dream. It is what drives economies and strengthens communities.
Nationally, we experienced four years of record high home sales in 2003 to 2006, and the nation's homeownership rate today stands at nearly 70 percent. This means that approximately 75 million families and individuals now live in a homw of their own.
During recent polling by the Orlando-based Kitchens Group to gauge public sentiment about a variety of issues impacting homeownership, 93 percent of the North Carolina voters contacted agreed to the following statement: When people can afford to buy a home, it is good for the community because it gives them an investment in where they live, and they are therefore more likely to care about issues facing their towns.
Source: Issues Analysis Poll, The Kitchens Group, January 2002
All numbers are rounded to the nearest whole to calculate the percentages, accounting for the 99 percent total.
Homeowner equity represents one-fifth of the total net worth of all households and nonprofit organizations. And this equity is a solid anchor for families. The average homeowner's equity is more than half of the their home's value.
In a study conducted by the National Association of REALTORS® (NAR) in 2006, it was determined that homeowners have a much greater financial stake in their neighborhoods. And because owners tend to remain in their homes longer, they add a degree of stability to their neighborhood. Homeowners also reap the financial gains of any appreciation in the value of their home, so they tend to spend more time and money maintaining their residence, which contributes positively to the overall quality of the surrounding community.
Homeownership brings many financial benefits, as the NAR study shows. One of the most dependable paths to wealth accumulation, particularly among low- and moderate-income households, is through increased home values. But there is also compelling evidence of the benefits accruing to families and communities as a whole.
Studies show that people who own their own homes are more engaged in civic affairs. The children of homeowners tend to perform better academically. And homeowners have more consistent work histories.
The picture if very clear. Homeownership improves quality of life and adds great benefits to individuals, families and communities.
Alphonso Jackson, U.S. Secretary of Housing and Urban Development, said it best: "A home represents empowerment, respect. pride, equality, financial security, and a stake in the community. It is where we live and grow up and grow old together."