The Connection Between Homeownership and Neighborhood Belonging
According to a recent survey by Redfin, a technology-driven real estate brokerage, only 47% of renters report feeling a sense of belonging in their neighborhood. This contrasts sharply with 64% of homeowners who feel the same way.
The survey revealed that less than half (46.7%) of U.S. renters feel a connection to their neighborhood, compared to nearly two-thirds (63.6%) of homeowners. Additionally, just 38.9% of renters believe they have shared interests with their neighbors, whereas 58.5% of homeowners feel this way. Renters are also more likely to avoid engaging with their neighbors—41.6% admitted to this, compared to 33.1% of homeowners.
“Homeownership often involves a long-term investment in both a property and a community, which encourages homeowners to build positive relationships with their neighbors,” explained Redfin Chief Economist Daryl Fairweather. “In contrast, renters typically move more frequently, making them less inclined to foster strong neighborhood ties.”
The Impact of Stability on Neighborhood Belonging
Homeowners are often more rooted in their communities, frequently prioritizing factors like where they want to raise their children. Renters, being more transient, may invest less effort in creating a sense of belonging since they’re likely to move sooner. The survey highlighted that fewer than half (47.6%) of those who’ve lived in their current residence for less than a year feel connected to their neighborhood. This figure rises to 58.1% for individuals who have lived in their homes for six to ten years, encompassing both renters and homeowners.
Interestingly, a significant number of people—regardless of housing status—reported feeling disconnected from their neighborhoods. Among renters, 21.2% said they do not feel a sense of belonging, compared to 12.5% of homeowners. This could reflect broader societal divides, including political, economic, and social tensions.
Younger Homeowners Feel the Strongest Sense of Belonging
The survey found that younger homeowners, specifically millennials and Gen Z, are most likely to feel a sense of belonging in their neighborhoods. Over two-thirds (67.6%) of these young homeowners reported feeling connected, making them the most engaged demographic. On the other hand, millennial and Gen Z renters were the least likely to feel a sense of belonging, with only 44.4% expressing this sentiment.
Millennial and Gen Z homeowners also stood out as the group most likely to share commonalities with their neighbors, with 63.7% indicating they feel aligned. Conversely, Gen X renters were the least likely to report having things in common with their neighbors, at just 36%.
“Younger homeowners may feel more integrated into their communities because they recently chose to live there, whereas older homeowners might feel less connected due to changes in the neighborhood over the years,” noted Fairweather.
When it comes to avoiding neighbors, millennial and Gen Z renters topped the list at 45.7%. In contrast, baby boomer homeowners were the least likely to avoid their neighbors, with just 24.8% indicating they do so.
The Emotional Benefits of Homeownership
While much of the conversation around homeownership revolves around financial aspects, it’s important to recognize the emotional and lifestyle benefits it offers. The National Association of Realtors (NAR) highlights that owning a home provides both tangible and intangible rewards, including a sense of pride and security.
A Sense of Satisfaction
Owning a home is often linked to improved mental health and well-being. Achieving the milestone of homeownership can bring immense satisfaction. A recent article from Mortgage Reports found that homeowners report higher levels of happiness, with 88% expressing overall satisfaction compared to 67% of renters.
More Stability for Your Family
Homeownership offers stability that renting often cannot. For families, this means the opportunity to put down roots and reduce stress. Frequent moves due to lease renewals and rent increases can be taxing. As NAR explains, a stable home environment allows parents to spend more quality time with their children, fostering better behavioral and educational outcomes.
A Stronger Feeling of Community
Owning a home often connects individuals more deeply to their neighborhoods. According to FinHabits, homeowners are generally more involved in their local communities, leading to a stronger sense of belonging. This sense of connection arises because homeowners have a vested interest in their community’s future, naturally encouraging long-term relationships and neighborhood improvement efforts.
The Ability To Make the Space Your Own
One of the most rewarding aspects of homeownership is the freedom to personalize your space. Unlike renting, where restrictions may limit changes, owning a home allows for customization that reflects your tastes and needs. Whether it’s small improvements or major renovations, your home can evolve with you, becoming a true reflection of your identity.
Closing Thoughts
Homeownership offers more than just financial benefits. It fosters a sense of belonging, satisfaction, and stability, while also enabling homeowners to shape their living spaces to suit their lifestyles. If these emotional and lifestyle advantages align with your goals, consider taking the next steps toward homeownership with the help of a real estate professional.
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