Millennials…time to get on the homeowner bandwagon!
A new study from Oxford University ties homeownership to living longer, Fast Company reports.
Longevity is sparingly linked to wealth accumulation, as the study reads, “A home is the single largest component of nonpension wealth in the United States.” However, there are three other components. First, homeownership decreases the costs related to housing — saving thousands on high rent rates along with tax benefits like mortgage tax deductions. Homes gaining value over time come in second place, while monthly mortgage payments encouraging savings sit at third place.
The psychological benefits are also worth highlighting. Homeowners tend to feel more in control over their lives since their environments can be labeled as predictable and dependable compared to renters. Owning a home can guarantee a lower fear of eviction and relocation, conquering anxious feelings or other elements of mental health.
Another trend is living in multi-generational homes, where close to two adult generations live in the same house. Pew Research found that 1 in 4 Americans between the ages of 25 and 34 live in such homes, and financial reasons are a major factor.
RELATED CONTENT: Charlotte Initiative Aims To Be A National Model In Supplying City Contracts To Black Businesses
Source: Black Enterprise
