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Beyond Financial Benefits

May 29, 2018

Many of us focus our intention on buying a home to create wealth. But homeownership is more than just a means for financial success; it’s also one of the strongest bonds we create with an inanimate object. On previous posts, we have analyzed some of the financial benefits of owning a home, but we haven’t spent much time addressing the personal ones and the deep emotional connections.

 

In many respects, the words “family” and “home” are synonymous. If you have a family with children, owning your home will be important to you, as well as your young ones. Studies show that kids who were raised in a home owned by their parents feel safer, more stable, and more confident. These traits, in the majority of cases, translate into better results in school, sports, and social life. So, what is driving that impact for your kids? The answer relies on a primordial need for security and a general dislike for change, especially if imposed by external circumstances.

Households of homeowners are less likely to move frequently or being forced to move somewhere else. Unpredictable events can happen to anyone, of course, but for renters the odds are higher.

 

Additionally, as homeowners we tend to be more interested in the communities where we live. We enjoy serving others and we care more about our environment. A family owning a home wants to make sure their surroundings provide a good place for themselves to live, as well as for their neighbors. Homeowners feel vested in their communities. They are aware they are members of a special group and hope their children will thrive in that environment. They know that caring for others is valuable to themselves and to all those around them. Renters may be committed to the community as well, but not knowing how long they will stay may prevent them from getting fully vested. This is particularly true in suburban areas versus densely populated urban areas in major metropolitan cities.

 

From a professional standpoint, homeowners generally are more loyal to their company and become more successful in the longer term. This correlation is significant and perhaps the most fascinating one. Success is a state of mind and a personal belief more than anything else, but growth in the workplace, accompanied by increased responsibility and salary, is generally what how we measure it. In the homeowner’s mind, providing for their family is both an enabler and a destination, which makes them more prone to fully dedicate themselves to their work and reach significant career milestones.

 

Finally, even homeownership and health appear to have a correlation. Homeowners and their children have better chances of leading a healthier and more joyous life, being less subject to infirmity or depression. One may say that it’s the income thresholds or education levels that impact such statistics. Yes, that may be part of it, but there is more to this relationship. The way homeowners feel about themselves is reflected in their state of their mind and surely in their health. Also, children of homeowners feel generally more comfortable, are more prone to stretch in order to develop new abilities and are more optimistic about their future.

 

Therefore, homeownership is not only a financial benefit but more importantly it is an emotional one. Facing daily challenges that life presents us with appears an easier task to those individuals who own a home. Owning a home is a very important step in the life of a person and delaying it may or may not make sense. Our shared equity product, more than anything, offers help to young families to find their ideal home and start living their ideal life. Financial awareness and home ownership go often hand in hand and we are here to make that connection happen. Thanks for reading and see you in a week!

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Author of the Post

Laura is a member of the EquiFi leadership team.

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