The case for homeownership - Update

“The Case Against Homeownership” was on the cover of Time magazine recently and has been the latest in a small trend that demonizes homeownership as a cause of our economic woes. 

Despite these controversial articles, the fundamentals have not changed: For the most part, buying a home is a great investment that builds wealth and contributes to social good.

The Wall Street Journal even recently published, "10 Reasons To Buy a Home" with the subtitle, "Enough with the doom and gloom about homeownership."

Brian Summerfield, the Online Editor for REALTOR® Magazine, tackled negative assertions about homeownership in a recent blog post. He writes:

The good news is that most Americans still see homeownership as a good thing, and even after the downturn, the reasons for opting to own a home over renting remain pretty much the same. But as these stories continue to come out, and they will, it will be critical for REALTORS® to continue to make the case for homeownership.



More good news: That case is not hard to make.

The National Association of REALTORS® (NAR) has a lot of research information that supports the assertion that homeownership is great institution.

For example, NAR sites a study that found that low-income people who recently became homeowners reported higher life satisfaction, higher self-esteem and higher perceived control over their lives. Another study concluded that homeowners report higher self-esteem and happiness than renters and still another study showed that renters who become homeowners not only experience a significant increase in housing satisfaction, but also obtain a higher satisfaction even in the same home in which they resided as renters.

Several aspects of public life including educational achievement, civic participation and crime reduction are all affected by homeownership.

Visit Realtor.org/research/research/hmeownershipbenefits for more information about how homeownership is an enduring part of the American dream.

The value of homeownership - Resources
Below is a list of activities and results from last week's campaign efforts. For the most up-to-date information and resources related to the Value of Homeownership campaign, visit Realtor.org/topics/homeownership.

The Tennessean, September 10, 2010 "Social Indicators Favor Buying Over Owning"

Washington Times, September 10, 2010 "International Buyers a Local Submarket"

Westport News (CT), September 9, 2010 "Prices Up Despite Slowdown in Sales"

St. Petersburg Times, September 7, 2010 "Don't Count Out The Nation's Dream House"

Wall Street Journal.com, September 7, 2010 "Advice for Foreign Home Buyers

Los Altos Town Crier, September 7, 2010 "Report Credits Homeownership for Stability"

Palm Beach Post, September 6, 2010 "Florida the Favorite for Foreign Home Buyers

AOL Real Estate, September 5, 2010 "Home Values: Why You Should Stop Worrying About Yours"

Palm Beach Post, September 5, 2010 "Rent Or Buy? How To Weigh It Out"

Washington Post, September 4, 2010 "Fannie Mae's National Lending Program HomePath is Worth a Look"

Salt Lake Tribune, September 4, 2010 "Homeownership Benefits Extend Beyond The Financial"

Blog - Here They Go Again - critical response to the negative Time Magazine article, September 4, 2010

Blog - Take Advantage of Low Interest Rates, September 4, 2010