Impact of Home Ownership
With every new home, Essex County Habitat for Humanity sees the impact that owning a home has on a child, a family, a neighborhood, and a community. Our experience is supported by evidence. Studies have shown the importance of having a home.
When a child grows up in a home that is owned:
- He scores 9% higher on math achievement tests and 7% higher on reading tests (versus a kid in a home that is rented).
- She is 25% more likely to graduate high school and 116% more likely to finish college.
- He himself is 59% more likely to be a homeowner in 10 years.
- His family income is 100% higher.
- She is 40% less likely to have a teen pregnancy.
- She is 50% less likely to grow up in a single-parent household.
- He is 50% less likely to be on welfare at age 20.
- She will earn on average an income that is 100% higher than a child raised in a rented home.
Simply put, children of homeowners are more successful in life by whatever measure you choose. Their families strengthen their communities.
The good news doesn’t stop there:
- Homeowners are 25% more likely to vote.
- They remain in their homes for an average of 8.1 years while their renting counterparts only stay, on average, 2.1 years.
- In a study done in New York City in 2001, property values surrounding just one new housing unit rose 8.8% versus an average of 1.6% to the neighborhood as a whole.
- In a 2013 study of 326 HFH households in Canada, 70% reported fewer bouts of illness and 30% reported fewer doctor visits.
Sources: Haurin, Parcel, Haurin 2000; Homeownership Alliance of Nonprofit Downpayment Providers; Harkness and Newman 2003