The Impact of Homeownership on Civic Involvement

The Impact of Homeownership on Civic Involvement - The # National Association of Realtors recently released a study titled 'Social Benefits of Homeownership and Stable Housing.’ The study confirmed a long-standing belief of most Americans:

“Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.”

Today, we want to cover the section of the report that quoted several studies concentrating on the impact # homeownership has on the civic participation of # family members. Here are some of the major findings on this issue revealed in the report:

• # Homeowners have a much greater financial stake in their # neighborhoods than renters. With the median national home price in 2015 at $223,900, even a 5% decline in home values will translate into a loss of more than $11,195 for a typical # homeowner.
• 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 also tend to spend more time and money maintaining their residence, which also contributes to the overall quality of the surrounding community.
• # Homeowners were found to be more politically active than renters with 77% of # homeowners saying they had at some point voted in local elections compared with 52% of renters.
• There seems to be a greater awareness of the political process among # homeowners. About 38% of # homeowners knew the name of their local school board representative, compared with only 20% of renters.
• There is a higher incidence of # membership in voluntary organizations and church attendance among # homeowners.
• # Homeownership does create social capital and provide residents with a platform from which to connect and interact with neighbors.
• Owning a home means owning part of a neighborhood, and a # homeowner’s feelings of commitment to the # home can arouse feelings of commitment to the # neighborhood, which, in turn, can produce interactions with neighbors.

Bottom Line

People often talk about the financial benefits of # homeownership. As we can see, there are also social benefits of owning your own home.

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