Issue Date: April 26, 2006

Social Benefits of Home Ownership are Many

By Jody Zink
Licensed Realtor in Ohio & Michigan

So far, I've survived 19 months of homeownership. I love it. You may remember me writing about my woes as an apartment dweller several months ago: the uninspiring flowered wallpaper from the 1970's that I longingly itched to rip down daily; waiting in line for a washing machine with handfuls of quarters; and gaining special permission to house Smokey, my cat. Not to mention that the money I put toward rent was lost forever.

Since declaring my independence, I've discovered financial benefits that I can punch up on a calculator. Like tax deductions and equity. But there's so much more. The intangibles. The friendships I've developed with my neighbors. Seeing the tulips blooming along my back porch. Planting a vegetable garden and seeing it through to fruition. (Okay, I'm planning to do that.) And there is something to be said for turning up the volume to audible levels without waking your neighbor on the other side of a paper-thin wall.

Homeownership is said to bring substantial social benefits for families, communities and the country as a whole. One study showed that homeowners rated themselves to have lower levels of depression and a higher sense of self-satisfaction. In 2001, the median net worth of a renter was $4,800 compared with $171,700 for homeowners. Additional research suggests that children in home-owning households had a lower teenage-pregnancy rate and dropped out of high school at a lower rate than children in families that did not own their own homes. A child would feel much more secure knowing that the front door she walks through today will be the same door next month. Several studies also show that crime tends to be lower in areas where homeownership is more common.

Homeowners typically make investments in their local community and have a greater incentive than renters in doing so. Since the earliest days of civilization, before the touting of statistics, Aristotle argued that ownership promotes virtue and responsibility. President Roosevelt once stated that a country of homeowners cannot be conquered. Margaret Thatcher, with a mantra that homeowners become responsible citizens, privatized and moved 1.7 million families from public housing into private ownership. President Bill Clinton has said decent housing and homeownership are essential part of the American Dream and wants to make that a reality for all Americans. And President George W. Bush speaks of his vision of an “ownership society” and speaks of his belief that ownership has the power to transform people.

For those of us with the pleasure of helping others realize the dream of homeownership, we can be very proud of the work we do. Homeownership is at the root of what makes this a great country. And having a place to call home is both comforting and empowering. Empowering in that I've learned how to use a power drill. And hang a towel bar. And repair a leaky faucet. And drink sour milk after the refrigerator died. (And buy a new one.) You know, the things that build character.

I never used to obsess over which kind of grass seed to buy, but now that I've collaborated with other homeowners in the aisles of the Anderson's, I feel much more part of the community. That's just one more benefit to add to the list.

Jody Zink is a licensed REALTOR in Ohio and Michigan with the Loss Realty Group. Her column appears every other week in the Toledo Free Press. She can be reached at jody@jodyzinkrealtor.com or 419-725-1881.