The M Report – Krista Franks Brock
Not only is homeownership hailed as part of the “American dream,” but it is also imbued with several positive financial and cultural effects on families. Studies have linked homeownership to everything from greater political participation to greater educational achievement among children. However, as 4 million American homeowners lost their homes to foreclosure during the financial crisis and one-fourth of all mortgage-holders fell underwater on their loans, questions arose regarding whether the long-held benefits of homeownership still hold true today.
After reviewing research on perceptions of homeownership, Harvard University’s Joint Center for Housing Studies found the housing crisis does not appear to have had any major long-term effects on Americans’ perceptions of homeownership. “Our review of early research on the impacts of the housing crisis on attitudes toward homeownership suggest that no extraordinary efforts will be needed to attract American households back into the housing market,” the Center said in its paper, Reexamining the Social Benefits of Homeownership After the Crisis, released Friday.
Link to the Harvard University Study: Reexamining the Social Benefits of Homeownership After the Crisis