The benefits of owning a home rather than renting are clear:
- It’s the best way for Americans to build wealth and save up money
- A home provides financial stability in the form of a locked-in mortgage
- Purchasing a home helps you build up your credit score
- Home ownership provides tax breaks and a potential source of revenue if you decide to rent out or AirBnB a room.
But what you might not know is that there are more than financial benefits to home ownership.
Even if you don’t mind throwing hundreds (or thousands) of dollars away on renting every month, you could be missing out on the mental, physical, and emotional perks of having your own home.
When you own your own home, you can:
- Become part of a neighborhood and get more involved in your community
- Create more opportunities for you and your family to make new friends
- Provide your kids with a more stable education
- Create a safer environment for you and your loved ones to live in
Read on to learn more about the 5 non-financial benefits of home ownership.
Makes You Part of a Neighborhood
When you buy a house, your mortgage means you’ll likely stay there for at least 5 years, if not longer. The average family stays in a home for 10 to 15 years.
On the other hand, renters average closer to 2 to 3 years living in any one place. One big reason for this is that rents can go up each year, while a mortgage is locked in for its entire term.
Staying in one place for longer means you get a chance to become part of the neighborhood and community. You become friends with your neighbors, your families’ kids play together and grow up together, and so on.
These are lifelong relationships that bring you happiness and a sense of belonging.
For your kids, staying in one place and having neighbor kids to hang out with makes for a more stable upbringing, which correlates to fewer behavioral problems as they grow up.
We all want to feel connected to other people around us. Owning a home makes this more possible for you and your family.
Increases Community Participation
Becoming part of a neighborhood makes it more likely that you’ll become civically engaged in your community. In past elections, homeowners time and again have been much more likely to vote than renters.
Why? The longer you stay in any one place, the more you tend to care about issues like who’s on city council, business zoning regulations, local ordinances, and more.
Community participation is how you can make your voice heard and affect the trajectory of your community. You’ll take up an interest in local politics, school board elections, and other issues that affect the safety and quality of life in your community.
As a result, you’ll benefit from the fulfillment of knowing you’re doing what you can to make your community a better place to live, not just for you and your family, but for all of your neighbors as well.
Boosts Your Health
Homeowners have better physical and psychological health than renters. The reasons for this are varied, but from a mental standpoint, it has to do with the pride that comes with knowing you’ve worked to purchase and care for your own home.
Owning a home is also a sign of success that helps you feel more satisfied with yourself.
The physical health benefits of a home are many:
- Rentals are more likely to have molds, allergens, and indoor air pollution, all which are detrimental to health.
- Landlords are less likely to address safety hazards in rentals than homeowners will in their own property. Such safety hazards can lead to accidents and injuries.
- Homeowners have space to exercise — a yard to play in, room for exercise equipment, and access to walking paths, sidewalks, and parks, all provide more opportunities for homeowners to get into shape.
- People with a home are more likely to own a pet, and pet owners get the health benefits of regular walks and play, as well as the emotional boosts our pets give us all day long.
- Increased privacy means more personal space, which is good for your mental health.
- No noisy neighbors in the apartment next to you or above you makes for less mental stress and maybe even a better night’s sleep.
Facilitates Higher Educational Success
Kids who grow up in an owned home do better in school. They graduate from high school at higher rates and get better grades than kids who grow up in rentals.
The main reason for this is that kids in owned homes move less often than children in rentals. Staying at the same school is associated with greater educational success.
When a kid moves schools every couple of years, they’re less likely to feel committed to their education, and will have fewer bonds with their peers. This can lead to caring less about keeping up with other students.
On the other hand, children growing up in owned homes perform nearly 10% higher at math and 7% better in reading than children in rentals do.
Decreases Your Chances of Being Victim to a Crime
Studies show that people who live in rentals are more likely to fall victim to a crime than people who own their own home.
This is because homes for purchase tend to be in more stable and safer neighborhoods, which are associated with lower crime rates.
The fact that homeowners are more engaged in the issues of their community also contributes to the safety of the community, so the benefits are two-fold.
Ready to Live the Good Life? Find Your Dream Home in Palm Springs
If you’re ready to take advantage of the financial, social, educational, and health benefits of home ownership (not to mention the fact that you never have to deal with landlords again), look no further than a home in Palm Springs, California.
Living in the Palm Springs area will boost all the positive effects of home ownership even more. It’s a great area to invest in, and we have an amazing community of engaged homeowners. And between the sunshine, golf courses, hiking, and pool parties, good health comes easy here.
There is no shortage of beautiful houses for sale in Palm Springs. Brad Schmett Real Estate Group has the best team of realtors in the Palm Springs area to help you find the right house for your needs, whether it’s a starter home or a dream luxury property.