Raising your children in your own home is a dream shared by most Canadians as they begin to think about family planning. And rightfully so. Studies show what we may have always felt intuitively; home ownership has a positive impact on children not just in educational achievement but throughout their lives. So if you are deciding whether or not to buy, you might want to consider these findings.
Studies show that children of home owners:
- Have better educational outcomes
- Achieve math scores up to 9% higher than children of non-owners
- Achieve reading scores up to 7% higher
- Stay in school at a higher rate
- Are significantly more likely to achieve a higher level of education
- Have better social outcomes
- Have reductions in behavior problems of up to 3%
- Have a better home environment 13% to 23% of the time
- Have a lower rate of teenage pregnancy
- Are likely to be more successful in life
- Are significantly more likely to make more money over the course of their lives
- Are much more likely to own a home themselves
Why the Children of Homeowners Do Better in Life
Of course, there are many important factors that contribute to children’s success. However, taking these factors into account, the studies show that home ownership itself is a major force in helping children succeed.
According to a Harvard study, children of homeowners have better home environments, higher cognitive test scores, and fewer behavior problems than do children of renters even after controlling for a large number of economic, social and demographic variables.
Additional studies indicate that there are a variety of reasons why home ownership positively impacts the outcomes of children. This topic is more complex than can be covered here, but here are some of those reasons.
- Stability: Homeowners move far less frequently than renters.
- Residential stability strengthens social ties with neighbors.
- Changing schools can negatively affect children’s educational outcomes.
- Nurturing neighborhoods and schools: Home owners are more likely to live in neighborhoods that have a wider array of school and neighborhood activities. Children of home owners are more likely to participate in organized activities and spend less time watching TV and playing videogames than children of renters.
- Learning from parents: Owning a home requires work both in home maintenance and balancing finances in order to make mortgage payments, skills that children may learn from their parents.
- Better financial situation: Home owners tend to have higher adjusted net worth and liquid assets than renters. Homeowners often have greater access to credit, and they also often gain financial benefits from the appreciation of their homes. When parents face less economic pressure, they are able to focus more on their children.
When You’re Ready to Buy, Call KBL Law Corporation
Once you’ve found the house that’s right for your family, we can advise you about the fairness of the contract and guard you against any problems that could tarnish your dream. When you need a Vancouver real estate attorney, call us to ensure your peace of mind.