The community benefits of homeownership can take many forms. It has often been found that owners are more likely to upkeep their homes and yards, raising property values and impressions of neighborhoods and communities. Living in one place for a longer amount of time creates an obvious sense of community pride, which may lead to more investment in said community.
Families also benefit from homeownership, with studies proving that parents can 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.
The financial benefit of homeownership is undeniable, and certainly the easiest benefit to demonstrate. On a national level, homebuyers who purchased a home 10 years ago have gained an average of $225,000 in equity if their home sold for the average price.
Quick Takeaways
-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.
-An obvious financial benefit of homeownership is the appreciation of your home over time. Housing markets do move in cycles, but houses will almost always appreciate to some degree over time.
-Other benefits include property tax deductions, capital gains exclusion, and other preferential tax treatment.
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