The Extent of Social Impact in Homeownership
The idea of the home extends far beyond working towards having a house to live in. Regarding social relevance it bears profound implication on people and society in general as it may affect people in various capacities. In this context, homeownership is not only important for individuals, but it is also at the core of society’s values where it contributes toward creating stability, security, financial success, and citizens’ participation.
Many people find satisfaction in homeownership because it makes them proud and comfortable, especially when they are through with the payment of that house. It can set down a remarkable basis for the families, as they can start their new life in another place get friends and neighbors. Moreover, homeownership serves as the creation of wealth and enhanced personal and family’s financial status that may act as the valuable asset by its growth. In addition, the studies confirmed that homeowners are more active in community volunteering, community activities, and patronage of businesses and facilities in the neighborhood which positively impacts the social capital of the community.
Therefore, the social benefit of Homeownership can be easily defined as a significant aspect of community living.
In this paper, the author focuses on the social impact of homeownership, which can be defined in various ways, but in this case, it is considered as the process whereby individuals and families obtain the exclusive rights to a parcel of land with or without a structure and the physical possession of the property for other than resale.
Own a home is a way that affect positively the life of those people and the society in general. Purchasing a shelter is considered to be as sign of stability and wealth, thus people feel proud to own their homes. This sense of ownership can go a long way in increasing the levels of participation in any activity and feeling of ownership in the community. This has been further proven through research whereby homeowners will take pride in their neighbourhoods, get involved in activities within their neighbourhoods, not forgetting the fact that they will even offer volunteer services towards their neighbourhoods.
Furthermore, the aspect of owning a house is not without its benefits especially to the family unit. Research show that kids’ in owned homes have higher attainment of education on average than kids in rental homes. This may be attributed to stability which is brought about by homeownership hence children learn in a stable environment. Moreover, the possession of home also contributes to the increase in various aspects of utility and satisfaction, thereby the wellbeing and happiness of families, as well as their stability in their residency.
When it comes to the community as a whole however, homeownership also has its advantages, economic that is. People own homes, which they can modify and renovate, besides, owners add value to properties for the benefit of the whole society. This has a chain reaction that results in; better neighborhoods that lead to new businesses, good schools and other local facilities. In the neighborhoods that are more collective, there are more chances of having more property value, hence, more worth of homes, which makes the people living there to be rich and the general feel of the area as being prosperous.
Self-ownership is one of the most important and noticeable social advantages of homeownership due to the protection it offers financially. A home is thus an investment that can be liquidated to gain cash for important occasions such as education, retirement, or other hardships in the of the owners. They can assist families create wealth and therefore realize an economic security which can enhance the standard of living by acting as a hedge against hardships such as economic difficulties or unfortunate incidences.
Nevertheless, it is necessary to observe that homeownership is still not an equal possibility for all people, it is divided racially, ethnically, and by income levels. This concept discusses that disadvantaged groups were labeled as unable to purchase houses before, got discriminated, or denied equal opportunities to get quality houses at affordable prices, among other factors like early loans. Eliminating these inequalities and encouraging the availability of affordable homes for purchase.
The problem of homeless people is considered to be common historically especially for the members of the coloured or black communities and the indigenous populations because they never had an easy time being granted home loans, or were instead, redlined; they lacked adequate, proper and affordable housing. Efforts to achieve these inequalities and the encouragement of affordable homes for homeownership for each person are crucial in that the facets of homeownership are enjoyed by everyone in the society.
As a result, homeownership is beneficial to the homeowner, the family as well as the wider society lighting up the community. It also creates employment of youths and make members of certain communities feel pride to be associated with such projects, enhance children’s performance in school, bring about economic boost, and ensure families are economically secured. Ownership of homes that are inclusive and affordable can help foster development of stronger communities thus the importance of providing incentives for home ownership.
Thus, owning homes is auspicious to society since it fosters stability, the public spirit, and acquisition of wealth. It gives people the feeling that they can secure their home, and also gives them pride in the same home, and in the same time enhances the beauty of neighborhoods and local economy. Stakeholders in homeownership have always classified it as the cornerstone of communities and identification with people and their families. Therefore, homeownership has a ripple effect on people’s lives and creates a lasting positive difference for every society.
