Owning a home is good for your self esteem, health and children

According to a recent U.S. News & World Report article, owning a home is good for your personal life and for society. The report includes the following research findings:

• Children of homeowners are more likely to graduate from high school and avoid teen pregnancy.
• Being a homeowner makes you more likely to invest and participate in the local community.
• Homeowners report better self-esteem, happiness and even physical health. 

Although these studies indicate a correlation between homeownership and general well being, it is unclear how other factors may skew these results.  For example, homeowners in general are more likely to have higher incomes and higher levels of education than other consumers.

Of course all these benefits come crashing down when a homeowner is stretched too thin. Here in San Francisco, where average home prices are around $600,000, homeowners likely report more stress problems than self-esteem perks. A 30-year mortgage for $600,000 calculates as a $4,000 a month loan payment, which is stressful to even think about.

As a renter myself, I can't weigh in on the accuracy of this article. Does owning a home make you happy, wealthy and wise? Is it better for your children? Is it better for your community? Share your feedback in the comments section below.