NAR Study Shows Wide Variety of Benefits of Home Ownership
Source: The Economist
Because with recovery of the housing industry as well as low inventories of existing and new homes for sale in the Puget Sound area, some financial experts predict that home prices can reasonably be expected to rise this year. But this isn’t the only reason now might be a great time for you to buy a new home.Analysts seem to be in agreement that the housing industry, including sales of new homes enjoyed a distinct recovery recently and is poised for even stronger numbers this year. With mortgage interest rates still near their historic lows, it appears that now may be the very best time to purchase a new home in the Puget Sound areas.
Even beyond pride of home ownership in the features and amenities you will find in Soundbuilt Homes new home developments in south King County, Pierce and Thurston Counties in western Washington, there are even more benefits of home ownership in the Puget Sound region, benefits that extend beyond the home owner to the greater community beyond.
A study by the National Association of Realtors (NAR) links a number of benefits including social, health and community benefits to those benefits of home ownership that “meet the eye,” such as Soundbuilt Homes open concept floor plans, Craftsman styling, having the ability to make your own choices to personalize your new home and affordable luxury built in to all of our Pierce County, King County and Thurston County new home developments.
Here are some of the other less tangible, but still very real, benefits of home ownership that the NAR study concluded:
Studies link greater educational achievement to home ownership.
Got students? If you currently or will in the future have children in your household of school age, the NAR (National Association of Realtors) 2010 study shows that home ownership has a positive effect on educational achievement.
It makes sense that home owners tend to see themselves as more vested in the local community, including local schools, than renters, who might not view themselves as permanent residents within a community.
It also makes sense because home owners pay taxes and even vote up or down on school measures that impact their property and other taxes; this may give them more of a sense of “ownership” within the schools themselves and stimulate a deeper level of involvement – all of which can also translate to more focus on the educational achievements of their own children as well as investments in local schools that will benefit students in the school district.
Study links political, civic and other community benefits to participation of local home owners
Local home owners seem to have more incentive to protect and improve their own properties, in particular, through the political process. They were found to be more active in politics and voted more frequently than those who live in the community but don’t own homes.
Home owners pay taxes – or invest – directly in local schools, fire, policy and other emergency services, public parks and recreation and a variety of other infrastructure. It makes sense that their tie to the community, through home ownership, could result in home owners taking a larger interest in and even in being more willing to invest in community infrastructure and public services.
And it makes sense that home owners will make more investments than non-owners in their own residences and even public areas within their community.
Health benefits may be tied to home ownership
While the study’s findings fell short of naming specific health benefits that may be tied to home ownership, it does indicate other benefits which contribute to better health through contribution to peace of mind and well being. Other studies have pointed out that home owners may be more likely to invest in cleaning, construction materials, HVAC systems and other activities that minimize exposure to allergens and thereby provide health benefits.
In a real life “for instance,” one recent home buyer among our Brandon Meadows homes for sale in Auburn elected to have our laminate hardwoods (that come with a 27 year limited manufacturer’s warranty), tile and linoleum installed throughout their home in lieu of any carpeting due to allergies. When you purchase a new home (vs. an existing home) and make choices such as these during the construction process, you limit exposure to potential allergy-stimulating factors even more.
The study did conclude that home owners are better able to adjust after a layoff or job loss than non-owners. One reason for this may be that the equity they have built in their home gives them access to funds that can help tide them over in the case of temporary financial hardship.
However you look at it, it seems that there is more than meets the eye when it comes to the benefits of home ownership. We invite you to come to any of our western Washington new home developments and begin to imagine for yourself how great it would be to own a new home built by Soundbuilt Homes – The sound choice for value and pride of home ownership!
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Soundbuilt Homes has been building new homes in the Puget Sound area including new homes in Pierce, Thurston and King County for more than 30 years. We are a local company whose employees, including the owner, field associates and contractors, all live, work and play right here in the Puget Sound area. We know what Puget Sound area home buyers want, and we have a track record of providing local home buyers with the best value for their home buying dollars that extends out nearly four decades long.