Owning a home is good for you. It gives you more financial and emotional stablity and is good for your health. Although only 66 per cent of Americans own their own home, that is up from 46 per cent in 1900.
There are always going to be people who, for good reasons, do not own a home. In some parts of the country (not Downriver), owning a home or condo can be prohibitively expensive. Recently, we have seen people who were upside down on their house, foreclosed on, and now have to get back on their feet before they can buy again. So they rent for now.
As a National Association of Realtors study concluded: "In addition to tangible financial benefits, homeownership brings substantial social benefits for families, communities, and the country as a whole."
Research into the benefits of home ownership in this country is extensive, and there is also reason to think the same things apply to Canadians. See the below references, but you can do your own Google search, also.
http://www.realtor.org/sites/default/files/social-benefits-of-stable-housing-2012-04.pdf
http://realtytimes.com/rtpages/20130618_owningahome.htm
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