Are you thinking about buying a home, but you’re still on the fence? Here are some of the facts about homeownership:
• 86 percent of current renters want to own a home in the future.
• Homeowners bring stability to neighborhoods. Homeowners move far less frequently than non-owners, and hence are embedded into the same neighborhood and community for a longer period.
• The average child of homeowners is significantly more likely to achieve a higher level of education and, thereby, a higher level of earnings.
• While both homeowners and non-owners may aspire to be engaged parents, homeowners likely live in neighborhoods with more opportunities for school involvement or participation in neighborhood activities.
• Homeowners report better physical and psychological health than the average non-owner.
• Homeowners are far less likely to become crime victims than non-owners.
• Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.
• The median net worth of homeowners increased 15 percent between 2013 and 2016, whereas that of renters or other non-homeowners fell 5 percent.
• The average homeowner’s net worth is 44 times that of the average renter.
• Homeownership is seen as providing more stability and control over one’s living environment.
• Homeowners are thought to be more secure than non-owners since they were not subject to landlords raising the rent or not renewing the lease.
• Fixed-rate mortgages may decrease housing costs over time relative to inflation.
• Purchasing a home can improve your credit score through consistent mortgage payments.
• Additionally, credit bureaus give more weight to mortgage payment history than to credit cards or other more temporary accounts.
• Rental payments may not be reported, so mortgage payments give you an extra account on your credit report.
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