The Link Between Well-Being and Homeownership

Did you know that numerous studies over the years show a link between homeownership and your well-being? The most recent one, from the Consumer Financial Protection Bureau, shows that homeowners generally have higher financial well-being over non-homeowners.

The link between homeownership and happiness

In the CFPB’s report, homeowners had an average financial well-being score of 58. That’s higher than both renters (who scored 49) and those who neither rent nor own (who scored 50). The overall U.S. average financial well-being score is 54.

Research studies have linked homeownership to many positive outcomes. Researchers at the University of Southern California and the University of San Diego, for example, have linked homeownership to a reduced risk of teenage pregnancy and a lower possibility that a child will drop out of school. A study conducted by Ohio State University found that children of parents who own their own homes are more likely to score higher in reading and math and have fewer behavioral problems.

At the very least, buying the right home can be a crucial ingredient in being happy, according to a report by HomeAdvisor. The company’s research in the area has found that homeowner happiness boils down to an affordable and comfortable home in a safe and connected neighborhood and with a reasonable commute.

Regardless of your homeownership status, these are a few small things to keep in mind to increase your happiness and well-being.

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