Homeownership boosts life expectancy, claims Oxford University study

Recent research from Oxford University highlights the association between homeownership and life expectancy in the United States. The study, published in the journal Demography, indicates that individuals who own homes tend to live longer than those who are renters. The findings suggest that this increased longevity is linked to various positive factors associated with homeownership, such as wealth accumulation, solid social connections, improved living environments, and enhanced mental health. The lead researcher, Casey Breen, stated that these results may indicate that social policies promoting equitable homeownership opportunities, particularly for Black Americans, could reduce the life expectancy gap between Black and white males in the US. The research also provided statistical insights into homeownership rates among different demographics. Historically, the study notes that fewer Black Americans had the chance to own homes in the past, particularly in 1940 when only about 10 percent of Black individuals aged 18 to 25 owned homes, and around 40 percent of those over 65 were homeowners. Currently, homeownership among white Americans stands at 74 percent while only 47 percent of Black Americans are homeowners. The gap between these two groups has widened in recent years, reaching the largest disparity in a decade, based on data from the National Association of Realtors. Breen’s research specifically analyzed life expectancy outcomes for US men aged 24 to 35 who owned homes, taking into account various factors such as education, race, income, marital status, and family background. He found that homeownership contributes an additional 0.36 years of life expectancy to Black American men born during the time of the study, compared to 0.42 years for their white counterparts. Despite a general decline in homeownership from 45 percent in 1990 to 39 percent recently among young adults, it remains a critical factor for improving life outcomes. The analysis revealed that ownership is generally associated with about six additional months of life at age 65 for homeowners compared to renters. Moreover, demographic trends show that single women are more likely to own homes than men, although the gap is narrowing, with women owning 58 percent of homes compared to 42 percent owned by men among unmarried Americans. About 6 million more seniors aged 65 and older live in homes owned by women, likely reflecting their longer life expectancy compared to men. Breen plans to explore the relationship between homeownership and life expectancy for women in future studies, as previous data primarily focused on men due to name changes after marriage.