Homeownership offers many advantages and an Ohio State University study discovered a compelling reason for families to own their home. The study found a relationship between parents who own their home and how homeownership improves children’s educational achievements.
The research showed that for children living in homes that were owned – as opposed to rental properties – math achievement scores are up to 9% higher and reading achievement is up to 7% higher. There were also a slight – 1 to 3% – decrease in behavioral problems in children living in homes that were owned verses rented.
Homeownership seems to benefit children because the environments in homes and the following aspects of the home are on average better than those in rental units:
- Availability of educational materials
The greater stability of homeowners was also found to be good for children’s development.
Habitat for Humanity NYC
The Habitat for Humanity New York City published a document that reinforces the findings of the Ohio State study. The Habitat for Humanity New York City document listed several more benefits of homeownership and children’s educational success and academic achievement:
- Children of homeowners have a 25% higher high school graduation rate (Homeownership Alliance of Nonprofit Downpayment Providers).
- Homeowners’ children are twice as likely to acquire some post-secondary education (Harkness and Newman 2003).
- Children of homeowners are 116% more likely to graduate from college (Homeownership Alliance of Nonprofit Downpayment Providers)
- Math achievement scores of owners’ children were about 9% higher than renters’ children (Haurin, Parcel, Haurin 2000).
- Reading achievement scores were about 7% higher (Haurin, Parcel, Haurin 2000).
I’ve always been a proponent of homeownership. I believe communities benefit from the vested interest a homeowner has in the place he or she lives. Having said that, there are times that renting is the right choice. Use a buy vs. renting tool to help you determine whether you should rent or whether you should buy.
Given these studies, there are compelling reasons families should chose to own the home they live in when raising children. Since it typically makes sense in the long term to own your home and the stability is beneficial to children, I think parents should strongly consider owning their home when raising a family.
What are your thoughts?