The Impact of Homeownership on Civic Involvement

The National Association of Realtors recently released a study titled 'Social Benefits of Homeownership and Stable Housing.’ The study confirmed a long-standing belief of most Americans:

“Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.”

Today, we want to cover the section of the report that quoted several studies concentrating on the impact homeownership has on the civic participation of family members. Here are some of the major findings on this issue revealed in the report:

  • Homeowners have a much greater financial stake in their neighborhoods than renters. With the median national home price in 2015 at $223,900, even a 5% decline in home values will translate into a loss of more than $11,195 for a typical homeowner.
  • Because owners tend to remain in their homes longer, they add a degree of stability to their neighborhood.
  • Homeowners also reap the financial gains of any appreciation in the value of their home, so they also tend to spend more time and money maintaining their residence, which also contributes to the overall quality of the surrounding community.
  • Homeowners were found to be more politically active than renters with 77% of homeowners saying they had at some point voted in local elections compared with 52% of renters.
  • There seems to be a greater awareness of the political process among homeowners. About 38% of homeowners knew the name of their local school board representative, compared with only 20% of renters.
  • There is a higher incidence of membership in voluntary organizations and church attendance among homeowners.
  • Homeownership does create social capital and provide residents with a platform from which to connect and interact with neighbors.
  • Owning a home means owning part of a neighborhood, and a homeowner’s feelings of commitment to the home can arouse feelings of commitment to the neighborhood, which, in turn, can produce interactions with neighbors.

Bottom Line

People often talk about the financial benefits of homeownership. As we can see, there are also social benefits of owning your own home.

db31e147 d934 4630 a868 754a974751e4 2452b22e a681 40e1 afa7 d9362bf0c73a b773fb65 e48c 4b38 97e6 713a2bfae8c8 bb2a2b3c 4525 4404 8cfd 4e30dc8fbbfe 6e11921a 9a87 4dc1 bc97 c9f8990ce607 5792ca33 9feb 4312 989c de31cd969b33 079870ea cde0 4937 ac75 4fb94cf56a57 5764101b 4ab1 4bf0 87a8 3713f790d17c d0a2940d 6932 4d84 9acb 40869e9c3a14 762fad1f 5008 4837 a504 913c87b2d6e2 a3070631 bbb8 4d3d b3aa 3921788f9b14 7a1e761c c064 4c06 9ecf 95f031dbad53 4b67b6e4 96af 4e90 8932 0ce878783f00 d0c7e92c b01d 44a4 8aa6 49a75eac35d7 0f843f28 1a8c 4735 98a6 fb696e22271c ff3eecc9 e01f 4a2a 87ae 14e9a471cb1b 1fca8dc3 e05f 4167 abca 2db42dfb775b fc26e54a c9bf 42f2 ade3 b33cc75333e2 fd946cc3 1225 4d9b aa5f fbb8fc1a5d78 367e7f0b f6a0 4dd4 8219 0ef38aeec8ce 3f325638 530d 4015 9181 82a8bd0ac3a0 77e80d0c bd4e 4db3 9714 4e11f9e1db8b 37cf7707 6fd9 472a ae27 1e46cae98682