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View Diary: "Pressure is when you have like $300 in your bank account, like five kids and $800 in bills." (54 comments)

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  •  Yes (0+ / 0-)

    No study has ever shown this to be true.

    •  Well, let's see... (0+ / 0-)

      Does a Harvard study count?  

      JCHS - Harvard

      While the mechanism may not be what many think it is (protection of investment, etc.), there is evidence that shows home ownership increases neighborhood activism and involvement.

      So you're telling me that my grandparents, parents, siblings, friends, literally generations of people that I know and have shared my life with, that all of those people haven't made good investments?  I'm pretty sure that the increased equity in their homes has allowed them more economic freedom, and ultimately, has made them more money...I believe that would be classified as a good investment, right?  I rented in my neighborhood for years after selling my first house in a different part of the city.  I was a good renter, always took care of the lawn, the house, etc. but it wasn't until we bought a house here last January that I took a more active role.  That's just one man's experience, but it mirrors the experience of the vast majority of people I've known in my adult life.  

      This is a link to the updated JCHS study which looks in to the ideas the were posited in the first study, and whether or not those benefits have been impacted by the housing market crash.  

      It's worth a read, but this is in the conclusion...

      Updated JCHS study

      The updated literature review presented above does provide support for several social benefits of home ownership. Even after taking self-selection and other confounding factors into account there is considerable evidence that positive home ownership experiences result in greater participation in social and political activities, improved psychological health, positive assessments of neighborhood, and high school and post secondary school completion. The jury is still out, however, on several other claims including improved physical health, and both the cognitive abilities and positive behaviors of children.
      My homes have been good investments, and they have given me a desire to be more involved in my community at large.  It's not because of the financial investment, though.  It's because I lived many years moving around, having the ultimate mobility due to being self-employed and single.  The loss of mobility that has happened through home ownership has also made me realize that if I'm going to be somewhere for a long time, that I should be more active and engaged.  I want my street to be safe for my neighbor's children, and I hope that more of my neighbors will do the same for mine if we decide to have them.  

      Could I have done that as a long-term renter? Absolutely.  However, the secondary, added benefit is that if I'm going to be somewhere for the next 10-20 years, the money I'm spending on housing could be spent on a home that will either one day be mine outright, or I will hopefully be able to sell one day and use that money to do something else with.  One major bubble, one serious period of volatility does not negate the decades of safe investments made by people in their homes.  

      We all choose our own path.  My research, my personal experience, and my personal desires and goals guide my decisions.  I'm sure that yours do the same.  Mine have worked well for me, and maybe yours have too.  

      Best of luck to you in that regard.

      "Kindly go render the fat in your head in a large kettle of boiling water. Thank you." - Bumblebums -7.38, -6.46

      by balancedscales on Thu Jan 02, 2014 at 01:23:40 AM PST

      [ Parent ]

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