While the impact of home ownership on children’s academic achievement in grade school has been well-documented, new research suggests that people who grow up in an owned home have better economic outcomes in middle age. The study found that adults whose mothers owned homes were more than 1.5 times more likely to own their own homes and have attained higher education. These adults also were less likely to be receiving public assistance, compared to adults whose mothers did not own homes.
Some prior studies have reported similar findings, including higher average earnings as adults among children of homeowners compared to children of renters. This research adds compelling evidence in support of expanding home ownership opportunities, especially for low- and moderate-income families who have more limited access to affordable mortgage products. The NC Housing Finance Agency creates home ownership opportunities through its affordable mortgage products and by financing community home ownership programs through local partners. Learn more.