Homeownership while it has been an individualistic goal to so many, but rarely do we understand the underlying and far-reaching benefits of homeownership beyond the homeowner.
No doubt that one of the important benefits of homeownership is financial—and one that so many are aware of. What we tend to simply forget are the non-financial gains of owning a house, covering health, education, and societal or communal benefits.
Family + Child Outcomes (Security. Self-esteem. Confidence)
Benefits of homeownership associated with child outcomes are both behavioral and academic. It includes improved self-esteem and an increase in children's academic performance. The stability and security, which homeownership offers, contribute to better home and learning environment, and ultimately better educational outcomes.
Going back to financial benefits, homeownership dividend extends across generations—not just short-term.
Health Outcomes (Health. Stability. Safety)
Gaining the ability to retain financial independence through home equity and greater ability to retain care at home, homeowners are less likely and less willing to shift into long-term care.
There is direct relation of health with homeownership and housing in general. Health through homeownership comes primarily from a combination of residential stability, quality and safety, and financial security. And these benefits extend to neighborhoods and communities.
Civic Outcomes (Connectivity. Roots. Community.)
At a time when a significant number of Canadians having reported feeling increased isolation and loneliness, homeownership is one way of maintaining strong and stable communities.
Homeowners, by virtue of their longer tenure and more stable financial situation, are more inclined to invest into and participate in their neighborhoods, which is a positive civic outcome spawn from the rootedness of homeowners.
Homeownership, with its financial benefits impacting all income levels, also showed that it is key to reducing inequality across the country, which is why it is direly important that public policy and the federal government should continue to support homeownership as part of its overall housing agenda.