Professional athletes go for gold to bring pride and glory back to their universities, cities and home countries. Why would crossing the finish line of homeownership be any different? In our second installment of the HIP Gold Games blog series, we’re discussing how homeownership helps to develop happier, healthier communities. New to the Games? Check our our first blog, Welcome to the HIP Gold Games.
Neighborhood Development through Homeownership
Six Global Activities of Olympism contribute to a better world by bringing people together around sports and athleticism, specifically Development through Sport. Similarly, the Nevada Housing Division creates better neighborhoods by getting Nevadans in to the homes of their dreams through programs like Home Is Possible and Mortgage Credit Certificate (MCC). But how does owning a home lead to neighborhood development? Let’s take a look.
To rent or to own, that is the question
Renting and owning have their own unique pros and cons. One draw toward renting for many Nevadans is the flexibility a lease allows. Buying a home is a commitment to staying in an area for an extended amount of time, while leases are perfect for those who may not be ready to settle down. Because renters usually move around more than homeowners, they typically have less time to invest in their homes the way a homeowner would. “When there are fewer homeowners, there is less ‘self-help,’ like park and neighborhood cleanup, neighborhood watch,” explained William M. Rohe in an article in the New York Times. Rohe is a professor at the University of North Carolina at Chapel Hill and recently compiled a review on the current research of homeownership and its effects after the recession.
Homeownership and the family
Buying a home also has an impact on your family as well. According to a study by Ohio State University, children who live in owned homes perform better academically and have less behavioral problems than children who live in rented homes. This is most likely due to a sense of stability and better home maintenance and learning environment for the children.
Bloom where you are planted
So, where does that put you? Well, it’s up to you! Do you prefer the liveliness of the city or the quiet serenity of Nevada’s beautiful rural communities? The great thing about the Home Is Possible down payment assistance program is that you are able to use it in any county in Nevada. Building communities in both rural and urban areas of Nevada builds better communities for the entire state. This has a domino effect as increased homeownership typically translates to more pride in the community, making the communities, both rural and urban, more successful and more comfortable for residents.
Are you ready to be a champion and build better communities in Nevada through homeownership? Head on over to the HIP Gold Starting Line to start your homebuyer journey. Take the first step by watching the video below and then find a lender. Participate in our HIP Gold Games all summer long for your chance to win some awesome prizes.