Why Homeownership Matters

Post by 
Marlee Pittman
Published 
January 22, 2021
H

omeownership is a central aspect of the American Dream, and while the homeownership rate for Baton Rouge is 67.8%, the rate of homeownership in poor and minority neighborhoods is less than 30%.

Homeownership allows space for people to engage with their community, increase membership in local services, improve feelings of safety, and encourage community ownership over the physical appearance of their street.

However, one of the most important impacts is the stabilizing effect homeownership has on a struggling neighborhood. When a first time home buyer purchases a home in a neighborhood, that sends a signal to the market that the community is progressing, or at least has a potential to progress. A similar signal is sent when an existing homeowner demonstrates a willingness to invest in the improvement of his or her property.

In either case, a flow of investment into the neighborhood usually opens, and blight and crime begin to retreat, while educational outcomes, household wealth, and economic stability grow.

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