More Than a House: The Emotional Benefits of Homeownership
With all the recent headlines and discussions about housing affordability, it’s easy to become preoccupied with the financial aspects of purchasing a home. This focus is understandable as you consider the costs involved.
However, while it’s crucial to ensure you can afford the home you intend to buy, remember the initial reasons homeownership was significant to you. Buying a home transcends mere financial transactions; it’s about much more than just the money. As the National Association of Realtors (NAR) says:
“The benefits of purchasing and owning your place of residence are both financial and emotional – pride in homeownership and the feeling of security are huge intangible benefits.”
Here’s a look at just a few of those more emotional or lifestyle perks, to help anchor you to why homeownership is one of your goals.
A Sense of Satisfaction
Owning a home is frequently linked to improved mental health and well-being. This is likely because purchasing a home represents a major life milestone. The satisfaction and pride that accompany reaching this goal contribute to a positive feeling overall. A recent article from the Mortgage Reports says:
“By and large, homeownership brings more satisfaction than renting. . . Surveyees scored the overall happiness level of homeowners at 88% compared to 67% for renters.”
More Stability for Your Family
Another reason homeowners may feel more satisfied is the ability to finally put down roots. Consider this: if you’re accustomed to moving every time your lease expires and the rent increases, staying in one place for a while would be beneficial not only for you but also for any loved ones living with you.
A home offers more stability and the opportunity to build lasting friendships, which can help reduce stress for everyone. As NAR explains:
“Families also benefit from homeownership, with studies proving that parents are able to spend less time in a stressed state, therefore spending more time with their children. The ability for parents to feel stable has a huge impact on children’s behavioral issues, educational success, and future economic success.”
A Stronger Feeling of Community
And if you’re also looking for a sense of belonging for yourself, homeownership can help with that too. As FinHabits says:
“Homeowners tend to be more involved in their local communities, leading to a stronger sense of belonging . . .”
Your home ties you to your neighborhood and, by extension, to the broader community. Owning a home gives you a vested interest in the community’s future. Therefore, it’s natural to become more involved, strive to improve the area, and build long-term relationships with neighbors.
The Ability To Make the Space Your Own
Bottom Line
If you want to enjoy a sense of accomplishment and pride in where you’re living, let’s have a conversation to go over what you need to do now to make this future happen for you.
