Homeownership Creates Numerous Social Benefits for Individuals, Communities; Homeowners are Happier, According to Study; Photo Available 6/18/2003
From: Karen Kay Speer, 202-354-8205 or kkspeer@homeownership-updates.com; Bill Mashek, 202-354-8275 or bmashek@homeownership-updates.com; both of the Homeownership Alliance WASHINGTON, June 18 -- Homeownership provides numerous social benefits involving household stability, social involvement, local political participation and activism, environmental awareness, child outcomes, health, crime and community characteristics according to a study commissioned by the Homeownership Alliance. The study authored by Robert Dietz of Ohio State University was released today at a news conference at the National Press Club surveys the social science research catalogue concerning the impacts of homeownership on individuals, households and neighborhoods. The work includes studies from the social sciences, medicine, psychology and other academic fields. "Given the governmental policy commitment to promoting homeownership, an understanding of the positive impacts of homeownership is critical in assessing the efficiency of these policies," Dietz said. "On the whole, homeownership is associated with positive social outcomes at the individual, household and community level. These positive social outcomes include higher household life satisfaction and happiness." Just as there are specific financial benefits for homeowners, there are also specific social benefits and consequences of homeownership. Some of those specific benefits include: -- Children of homeowners are likely to perform higher on academic achievement tests and are more likely to finish high school. Furthermore, children of homeowners have fewer behavioral problems in school and are less likely to become pregnant as teenagers. -- Political activity, such as voting and participation in civic organizations, is higher among homeowners. -- Homeowners are more satisfied with their lives and are happier. -- Some of the most recent research suggests that high levels of homeownership in neighborhoods enhance property values. "Through their investment in the home -- and therefore in the local neighborhood -- homeowners appear to be overall more involved in their communities. This involvement by homeowners generates benefits for their communities in addition to the benefits for their families. These spillover benefits suggest that the neighborhood homeownership rate itself may produce positive social consequences for communities," Dietz said. "While the economic benefits of homeownership are well known, the equally important social benefits of homeownership are making a significant contribution to society and civic life," said Rick Davis, president of the Homeownership Alliance. The study was released as part of the Morning Newsmaker Program at the National Press Club. The study seeks to raise awareness about the positive social benefits of homeownership. The study was sponsored by the Homeownership Alliance and was released as part of the Alliance's celebration of Homeownership Month -- an annual event to promote homeownership and its many social and economic benefits. ------ Based in Washington, D.C., the Homeownership Alliance is a coalition of more than a dozen organizations committed to ensuring support for the American housing system. Members include Consumer Federation of America, The Council of Insurance Agents & Brokers, The Enterprise Foundation, Fannie Mae, Freddie Mac, Habitat for Humanity International, Independent Community Bankers of America, Independent Insurance Agents & Brokers of America, Local Initiatives Support Corporation, National Association of Hispanic Real Estate Professionals, National Association of Home Builders, National Association of Mortgage Brokers, National Association of Real Estate Brokers, National Association of Realtors(r), World Floor Covering Association, National Bankers Association, National Council of La Raza, and National Urban League. ------ Photo Editors: Three (3) high resolution, publication-ready photos supporting this press release are available for free editorial use at: http://www.wirepix.com/newsphotos/USN |