- 86 percent of current renters want to own a home in the future.
- Homeowners bring stability to neighborhoods. Homeowners move far less frequently than non-owners, and hence are embedded into the same neighborhood and community for a longer period.
- The average child of homeowners is significantly more likely to achieve a higher level of education and, thereby, a higher level of earnings.
- While both homeowners and non-owners may aspire to be engaged parents, homeowners likely live in neighborhoods with more opportunities for school involvement or participation in neighborhood activities.
- Homeowners report better physical and psychological health than the average non-owner.
- Homeowners are far less likely to become crime victims than non-owners.
- Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.
Source: National Association of REALTORS®
- The median net worth of homeowners increased 4 percent between 2010 and 2013, whereas that of renters or other non-owners did not change.
- The average homeowner’s net worth is 35 times that of the average renter.
Source: The Federal Reserve
- Homeowners can leverage tax advantages. Homeowners can deduct mortgage interest on their federal income taxes.
- Other deductions, such as some closing fees and your property taxes, may save you money on your tax bill.
- Purchasing a home can improve your credit score through consistent mortgage payments.
- Additionally, credit bureaus give more weight to mortgage payment history than to credit cards or other more temporary accounts.
- Rental payments may not be reported, so mortgage payments give you an extra account on your credit report.