More Than a House: The Emotional Benefits of Homeownership

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With all of the headlines and discussion about housing affordability, it's easy to get lost in the financial aspects of purchasing a home. When you consider the financial implications, it's understandable.

And, while you must eventually be able to afford the home you purchase, remember why homeownership was so important to you in the first place. That's because purchasing a home is far more than just a financial transaction. 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 are a few of the more emotional or lifestyle benefits that will help you understand why homeownership is one of your goals.

A sense of satisfaction.

Owning a home is frequently associated with improved mental health and well-being. That's probably because purchasing a home is a significant milestone. And achieving that goal gives you a sense of accomplishment and pride. According to a recent article published in Mortgage Reports,

“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 that may contribute to homeowners' satisfaction is the ability to establish roots. Think about it. If you're used to moving every time your lease renews and your rent rises, staying put for a while would be beneficial not only for you, but also for any family members who live with you.

A home can offer more predictability and the opportunity to form long-term friendships. That should reduce everyone's stress level. 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 sense of community.

Homeownership can also help you feel like you belong. As FinHabits states:

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

This makes sense. Your home connects you to your neighbors and, by extension, the larger community. That's because owning a home gives you a vested interest in the community's future. As a result, becoming more involved and wanting to do your part to help improve the area while developing long-term relationships with neighbors is only natural.

The ability to make space your own.

And remember, your home is entirely yours. Unless you have specific homeowner's association requirements, you can customize it as you see fit.

So, if renting has been limiting your style, it's time to express yourself and embrace the latest trends (if you want to). Whether it's minor home improvements or complete renovations, your home can be exactly what you want and need it to be. And as your tastes and lifestyle evolve, so can your home. Imagine coming home every day to a place that feels like you. That's a feeling unlike any other.

Bottom line.

If you want to feel accomplished and proud of where you live, let's talk about what you need to do right now to make this future a reality for you.

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