Homeownership and Its Benefits; Urban Policy Brief No. 2
August 1, 1995
This paper briefly synthesizes the research on the characteristics and importance of homeownership's perceived benefits, particularly for lower income households and traditionally underserved populations. This survey of the homeownership literature is framed in the context of the principles of the National Homeownership Strategy: (1) homeownership is an investment that generates financial security, (2) homeownership promotes a sense of responsibility and control over one's environment, (3) homeownership plays a role in stabilizing neighborhoods and strengthening communities, and (4) homeownership helps create job opportunities and promote economic growth. The brief finds that although empirical research on some benefits attributed to homeownership is inconclusive, homeownership is a key source of individual wealth and it does seem to be associated with feelings of contentment and participation in community activities.