Most people realize the tangible benefits of owning a home, such as building equity for the future and taking a nice write-off of the property taxes we pay each year on our tax returns.

But there are far more benefits to owning a home that cross over to the emotional side – and they’re not insignificant.

Did you know that, according to a study conducted by the Joint Center for Housing Studies at Harvard University, those who own homes are more likely to be involved in their communities, more likely to be satisfied with their homes and neighborhoods, more likely participate in voluntary and political activities, and even more likely to stay in their homes longer?

Parents who own their own home may be helping to boost their children’s educational achievements and even reduce some behavioral problems, according to another study conducted by Ohio State University that appeared in the journal Real Estate Economics. In that particular study, the research showed that for children living in owned homes (instead of rental units), math achievement scores were up to 9% higher, reading achievement was up to 7% higher, and behavioral problems were 1% to 3% lower.

The researcher’s conclusions? Study results suggested that homeownership seems to benefit children because the environments in homes – including factors like safety, maintenance, and the availability of educational materials – are, on average, better than those in rental units.

“Homeownership itself is good for children,” says Donald Haurin, co-author of the study and professor of economics at Ohio State University.

Even our country’s National Homeownership Strategy, established by the U.S. Department of Housing and Urban Development in 1995, stresses the emotional benefits of owning a home. For example, “Homeownership is a commitment to strengthening families and good citizenship. Homeownership enables people to have greater control and exercise more responsibility over their living environment. Homeownership is a commitment to community. Homeownership helps stabilize neighborhoods and strengthen communities. It creates important local and individual incentives for maintaining and improving private property and public spaces.”

Homeownership also contributes to our overall satisfaction with life. According to research conducted by Fannie Mae, buying a home is an important goal for many Americans. That often symbolizes a rise in economic status for people – owning a home means they are financially stable.

In fact, in a study conducted by Rossi and Weber in 1996 that used a national survey of families and households showed a positive relationship between homeownership and both self-satisfaction and happiness. In yet another study, researchers surveyed both a group of homebuyers and a comparison group of continuing renters in Baltimore. After 18 months, the homebuyers were found to have experienced a statistically significant increase in their ratings of life satisfaction (Rohe and Stegman 1994).

Even when the researchers conducted a second follow-up survey, homeowners still reported higher ratings of life satisfaction three years after purchasing their homes – even though the homes they bought were in less desirable neighborhoods.

Beyond happiness, however, research shows that owning a home contributes to a person’s level of self-esteem. After all, when people achieve the dream of homeownership, that alone makes them feel better about themselves.

Based on focus groups conducted in 1996 as part of a case study of a lease-purchase program sponsored by the Cleveland Housing Network, researchers concluded that “the opportunity to secure low-cost housing and to work toward homeownership elevate [the individual’s] status in society and contributes to personal security and self-esteem.”

There are even significant social benefits to homeownership, according to a study conducted by the National Homeownership Alliance. That research found that children of homeowners have fewer behavioral problems in school and are less likely to become pregnant as teenagers. And, a high level of homeownership in neighborhoods goes a long way toward enhancing property values.

The bottom line is that housing is a great investment – and a significant emotional investment, too. Homeowners are happier – with their lives, children and other factors – and enjoy a greater degree of stability.