Bad news for millennials: An Oxford study found a link between owning a home and living longer

A new study has revealed a few connections through which homeownership can impact longevity.

The study, led by Dr. Casey Breen, Senior Postdoctoral Research Fellow at Oxford University’s Leverhulme Centre for Demographic Science and Department of Sociology, examined the benefits of homeownership in the male population. It looked at 1920 and 1940 census records and Social Security mortality records to document Black-White disparities in homeownership rates, and estimated the effect of homeownership on longevity using a sibling-based approach.

It found that homeownership was linked to an increase in life expectancy of 0.36 years for Black male Americans born in the early 20th century, and 0.42 years for White male Americans in the same cohort.

According to the study, that connection came partly through wealth accumulation. “A home is the single largest component of nonpension wealth in the United States,” it explains. There are three ways in which this can be seen. First, homeownership likely reduces housing costs, saving owners from high rental prices and providing tax benefits, such as tax deductions on mortgage interest and no capital gains tax. Second, homes will generally gain value over time. And third, monthly mortgage payments encourage savings, the study says.

Another reason for longevity is that homeownership has a connection to social networks. Homeowners are more likely to feel a sense of community than renters. This is because homeowners often live in one neighborhood much longer than renters do, helping them foster stronger ties to their communities, as well as more integration and interaction at community events.

According to the study, longevity also came from improved housing conditions in homeownership. Renters are more prone than homeowners to infectious diseases, injuries, and chronic conditions. This was especially due to the fact that throughout the 19th and 20th centuries, rental units were often overcrowded, unsanitary, and poorly ventilated—conditions that contributed to the spread of tuberculosis, influenza, pneumonia, and other infectious diseases.

Finally, there are psychological benefits. Homeowners often feel a stronger sense of control and self-determinism over their lives because their environments are predictable and dependable. Compared to rentership, there is also lower fear of eviction and less frequent relocation, which often cause feelings of anxiety as well as other mental health issues.

The study argues that expanding homeowner opportunities for racial minorities could help reduce the current racial disparities found in mortality rates in the U.S. It also highlighted the blatant homeownership gap found in the 20th century between white Americans and Black Americans, revealing that white Americans were twice as likely to own a home.

“My study finds homeownership has a meaningful positive impact on life expectancy,” Dr. Breen wrote. “These results suggest that social policies that equitably expand homeownership opportunities for Black Americans may help narrow the gap between Black and White male life expectancy in the U.S.”