Home owners provide stability. Owners typically stay in their home 12 years whereas renters stay no more than three years. U.S. Census American Housing Surveys.
Home ownership builds confidence. Owners possess significantly higher levels of self-confidence than renters. Rossi and Weber National Survey of Families.
Home owners create positive environments for families. Children of home owners are 59% more likely to become homeowners. Their children are also 25% more likely to graduate from high school and 116% more likely to graduate from college. Boehm & Schlottmann, University of Tennessee.
Home ownership improves neighborhoods. Owners are 28% more likely to improve their home and 10% more likely to participate in solving local problems. George Galster, “Land Economics” and DiPasquale & Glaeser, Harvard’s JointCenter for Housing Studies.
Home owners are more involved in civic affairs: including voting in the last election and knowing their elected officials. DiPasquale & Glaeser, Harvard’s JointCenter for Housing Studies.
Home ownership builds wealth. The median net worth of most modest-income owners is almost $60,000 compared to less than $10,000 for renters in the same income group. The Federal Reserve Board – Survey of Consumer Finance.
Home ownership provides tax benefits. The typical home owner that pays a $1,000 house payment will realize tax savings of about $120 each month.