Does home ownership really contribute to social and economic stability?

There’s an idea that home ownership results in social stability, the idea being that if you are a homeowner you are more likely to help maintain the stability of the social and economic order because you have something to lose – your home – if this order is threatened.

If on the other hand you don’t own your own home you have less to lose – maybe you even decide that you have nothing to lose – if the stability of the social and economic order is threatened.

Home ownership, social and economic stability and government intervention

Most governments prefer a stable social and economic order, which might be why some governments encourage home ownership.
The United States government, under the leadership of President George W. Bush, springs to mind in this respect.

Home ownership, social and economic stability and ‘bribery’

Does home ownership really help to maintain social and economic stability? Or is it a kind of bribe, a way of ‘buying off’ potential dissent and opposition to the existing social and economic order?

Home ownership, social and economic stability and conflicting evidence

This list of countries that is listed according to each country’s rate of home ownership suggests that if it is a ‘bribe’ – it isn’t working.
For example Greece, Italy, Ireland and Spain all have pretty high rates of home ownership – higher than the United States or Britain for example.
Yet these countries are currently gripped by a financial crisis.

Some countries are more gripped by financial crisis than others

The United States is in something of a financial crisis too of course, but it isn’t currently being gripped by it, it isn’t currently being gripped by the kind of pressure that is being applied to Greece, Italy, Ireland and Spain.
In these countries, home ownership has done nothing to maintain social and economic stability.

Summary

Let’s try to summarise.
It’s probably safe to say that home ownership can help to maintain social and economic stability, but it can only do this to a limited extent, it can’t solve a financial crisis.

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