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Beyond a House: The Emotional Rewards of Homeownership

Tuesday, June 4, 2024   /   by Aaron Kinn

Beyond a House: The Emotional Rewards of Homeownership

With all the headlines and discussions about housing affordability, it's easy to get caught up in the financial aspects of buying 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 buy, don't lose sight of the original reasons why homeownership was important to you. Buying a home is far more than just a financial transaction. As the National Association of Realtors (NAR) notes:

"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 are some of the emotional and lifestyle advantages of homeownership to remind you why it's one of your goals.

A Sense of Satisfaction Owning a home is often linked to better mental health and well-being. This is likely because buying a home is a significant milestone, bringing a deep sense of satisfaction and pride. A recent article from Mortgage Reports states:

"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 factor contributing to homeowners' satisfaction is the ability to establish roots. If you're accustomed to moving each time your lease ends and rent increases, having a stable home is beneficial for you and your loved ones.

Homeownership offers more predictability and the opportunity to form long-term friendships, reducing 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 Homeownership also fosters a sense of belonging. As FinHabits notes:

"Homeowners tend to be more involved in their local communities, leading to a stronger sense of belonging . . ."

Your home connects you to your neighborhood and community, giving you a stake in its future. This connection naturally leads to greater involvement and a desire to improve the area, fostering long-term relationships with neighbors.

The Ability To Make the Space Your Own Lastly, your home is a place that’s entirely yours. Unless restricted by homeowner’s association requirements, you can customize it to your liking.

If renting has limited your ability to express your style, homeownership allows you to make changes, whether through small improvements or major renovations. Your home can evolve with your tastes and lifestyle, providing a unique sense of satisfaction.

Bottom Line If you want to experience a sense of accomplishment and pride in your living space, let's discuss what steps you need to take to make this future a reality for you.