Although there are many financial reasons to own a home, there are also plenty of social benefits to homeownership as well. Owning a home is a big part of the “American dream” and often gives the owner a high self-esteem, or a sense of “having made it.” Certainly a person’s peers think higher of a homeowner than simply a renter in their neighborhood.

This may have to do with a perceived notion that an owner will care more about the property upkeep and look than a renter will, having more respect for neighbors and creating a higher value neighborhood in general.

Additionally, owning a home is said to give people a better feeling of control over their lives. The reasoning behind this is thought to be that homeowners have more control over who can enter their house, how they can decorate or change their living environs and what circumstances can cause a family to move. Unfortunately, renters can be forced to move often, which restrains relationships with neighbors, causes stress for children and redirects needed income among other undesirable effects.

Besides the personal benefits, home owning also contributes to society as a whole. Stable housing ahs been shown to have a direct correlation to reduced crime, better-behaved and better-educated children, higher volunteer rates, lowered welfare dependency and higher educational attainments.

All of these reasons add up to why you should look into buying a house if you don’t already own one.