If you’re a satisfied homeowner, this will come as no shock to you: Owning a home makes people happier and helps them lead better lives. That’s not just the opinion of those jiggling their new front door keys or their Realtors beaming with pride.
The creators of the OECD Better Life Index believes there’s more to a country or regions measure of success than GDP and economic statistics. To measure success, it’s important to know how life is lived in any given area. The index looks at multiple factors like environment, education, safety, income, health, and housing.
Nationwide, housing outperformed all other indicators. This could be linked to the need for basic shelter but also the status and independence that can come with owning a home. While owning a home comes with a lot of responsibility, it also adds a level of satisfaction in and quality of life that renting or living with family doesn’t do.
What about Florida?
Like the rest of the country, housing is the top indicator for Florida, too. The index rates a region’s well-being on a scale of one to ten, with ten being the best. In Florida, housing ranks at 8.9 making our state the top 11 percent in Housing in the region.
Education and environment tied in second place with 8.8. When compared to other areas, Florida ranks in the top 29 percent in education and the top 15 percent for environment.
That doesn’t mean we don’t have areas that could stand to be improved.
The two lowest indicators are safety at 2.3 and civic engagement at 4.0. Of course, this index is for the entire state and is not broken down by county. For example, the crime rate in Okaloosa County (2013 data) is well below the state average in many categories.
Overall, this index shows us what many of in the real estate profession already knew from experience – owning your own home is good for your quality of life and your overall happiness.
Want to see the results for yourself? Click here: OECD Regional Well-Being – Florida.
Source: Homeownership Linked to Happiness, Realtor Magazine
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