Home Ownership Equals Longer Life For Older Generations
A new study from Oxford University ties homeownership to living longer, Fast Company reports.
The study, performed by the Leverhulme Centre for Demographic Science and Department of Sociology under the leadership of Dr. Casey Breen, explored the benefits of men owning a home with a core look into census reports and Social Security mortality records from 1920 and 1940 to document the disparities of homeownership rates between Black and white people.
After estimating the homeownership effect on longevity, it was revealed that owning a home was linked to the heightened life expectancy of 0.36 years for Black American males and 0.42 years for white American males born in the early 20th century, prompting bad news for millennials. An analysis of government data by Apartment List found ownership for the younger generations has dropped. The 2024 report revealed that by age 30, only 33% of millennials owned their homes compared to 42% of Gen Xers, 48% of baby boomers, and 55% of the silent generation.
Longevity is sparingly linked to wealth accumulation, as the study reads, “A home is the single largest component of nonpension wealth in the United States.” However, there are three other components. First, homeownership decreases the costs related to housing — saving thousands on high rent rates along with tax benefits like mortgage tax deductions. Homes gaining value over time come in second place, while monthly mortgage payments encouraging savings sit at third place.
According to the study, living longer can also come from improved home conditions that come with homeownership. Research found renters have higher rates of infectious diseases, injuries, and chronic conditions, partly due to issues dating back to the 19th and 20th centuries. Back then, rental units were seen as overcrowded and unsanitary, with poor ventilation. These issues built on the spread of tuberculosis, influenza, pneumonia, and more.
The psychological benefits are also worth highlighting. Homeowners tend to feel more in control over their lives since their environments can be labeled as predictable and dependable compared to renters. Owning a home can guarantee a lower fear of eviction and relocation, conquering anxious feelings or other elements of mental health.
According to CBS News, the average age of first-time homebuyers has increased from 31 to 35 over the last 10 years, and several new trends, like co-ownership, have expanded. A survey from early 2024 found that close to 15% of Americans have co-purchased a home with someone other than a romantic partner. Forty-eight percent said they would be willing to look into it.
Another trend is living in multi-generational homes, where close to two adult generations live in the same house. Pew Research found that 1 in 4 Americans between the ages of 25 and 34 live in such homes, and financial reasons are a major factor.
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