Rent verses Buy Orange County Houses
We recently read an interesting article by Tara Steele in AGbeat.com about the affects of homeownership on children. Have you ever thought about how owning a home has influenced your kids? Has it at all? According to the article, children had lower dropout rates and lower teen birth rates if they lived in a home their parents owned.This research is consistent with Habitat for Humanity’s as well. Habitat has been studying the effects of homeownership on kids for years. Here are some great benefits they have discovered:
Compared to children of renters (of the same age, income, race, etc.), children of homeowners:
- Are 25% more likely to graduate from high school
- Are 116% more likely to graduate from college
- Are 20% less likely to become teenage mothers
- Have 9% higher math scores
- Have 7% higher reading scores
- Have 3% fewer behavior problems
- Are 59% more likely to own a home within 10 years of moving from parent’s household
- Save taxpayers an estimated $34,000 in public expenditures (i.e. the cost of juvenile delinquency, teenage pregnancy, etc.) that would have been spent had they remained in rented housing.
Why Bother with an Orange County House?
Well, do it for your kids! And for yourself. One of the things today’s article mentioned was the duration doesn’t matter: “The impact of homeownership is particularly important for households with short lengths of tenure.” This is new insight as previous studies did not really consider short term effects of homeownership. Many of our clients choose to rent because they are not sure how long a particular job will last, or if they will stay in California for years to come. With our current market, it really doesn’t matter because rent vs own prices are very similiar. As most already know, owning will have much greater financial benefits in the long run. Now it looks like it also has greater benefits to the family as a whole!
What is owning a home teaching your children? Consistenty? Commitment? Finances? There are so many ways to set a good example to your children through homeownership. Not that they couldn’t learn these things from a family who is renting, but as the article says, you have more “skin in the game” when you own a home. No, owning an Orange County house won’t guarantee your child wins the spelling bee or gets a scholarship, but it does teach them some very valuable long term lessons.
If you would like to explore more about what homeownership could mean to you and your family, please register to search for Orange County houses on our http://properties.askangie.com website today, or call us toll free at 877-230-3211.