Added: Kollin Lacefield - Date: 13.01.2022 23:13 - Views: 30708 - Clicks: 5693
A large body of research from Canada and around the world finds homeownership contributes to higher levels of happiness and life satisfaction for homeowners and their families. These non-financial benefits have spillover benefits to the broader community and surrounding civic fabric—all of which are positively linked to a culture of homeownership. While pride might not show up on the balance sheet, it does affect behaviour and choices. Several studies cited in the white paper show that homeowners have improved satisfaction with their living conditions and higher rates of overall life satisfaction, regardless of income levels and socioeconomic backgrounds.
Other countries have had similar . Another European study drawing on data from 15 European countries found homeownership correlated with increased overall life satisfaction, regardless of household circumstances. Aside from overall life satisfaction, building equity can help with other life goals, such as paying for higher education. The stability and security of homeownership has been shown to contribute to a better home and learning environment, resulting in better educational outcomes.
The research also reflects the influence of homeownership on physical and mental health. When you rent, your landlord may require you to move whether you like it or not. If you own, the decision to move is your own. If you want to renovate, paint or make a space feel completely your own, you can. If you want to own a pet, you can. Although these mental health benefits directly affect homeowners and their families, they have positive spillover effects in neighbourhoods and communities. That community orientation of homeownership is often reflected in higher rates of civic engagement, and in turn in more connected communities.
For example, a literature review by researchers from the University of North Carolina found higher rates of homeownership were linked to greater neighbourhood stability measured as property condition and length of tenure. The overarching terminology is about stability. They also tend to spend more time and money maintaining their homes, which contributes to beautifying their neighbourhood, which in turn contributes to community pride.
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Health and Happiness: The Societal Benefits of Homeownership