Several years ago, a study was undertaken to determine the effect homeownership had on children.
Here are the Statistics and Profiles:
1) Over half, 52% of renters, including 60% of SFR renters and 44% of apartment dwellers, said they anticipate becoming homeowners in the next five years.
Breaking down the actual numbers; 600 SFR dwellers will be buying in the next 5 years (vs. only 400 apartment dwellers).
2) Families with three or more members (64%) or with children under 13 (69%) were more likely to become homeowners than the 36%who don’t plan to become owners. (640 vs. 360).
3) SFR renters make more money and are nearly twice as likely to have children as apartment dwellers.
Median income for a SFR renter is $75k-$100k (66%) versus $50k-$75k (51%) for a multifamily tenant.
Obviously, apartment dwellers are younger and have less $$ for housing expenses.
4) SFR households are larger; some 65% have three or more members compared to 32% of apartment households (680 vs. 320).
5) Some 63% of SFR households include children; only 34% of apartment renters have children living with them (660 vs. 340).
6) Most SFR tenants are older (more established in their careers), aged 35-44 (53%) compared to 14-34 (46%) and 65+ (61%) for apartment dwellers.
7) Compared to apartment dwellers, SFR renters value neighborhood features important to children, such as parks and playgrounds (65% to 71%), good schools (72% to 82%) and safe neighborhoods (97% to 98%).
Click this link to download the complete study in pdf format: Measuring the Benefits of Homeowning
