The reasons that people buy a home rather than rent are as many and as diverse as the buyers themselves. But in talking with buyers, several reasons keep coming forward. Last week we looked at the hope for material prosperity as a primary motivation. This week, we will take on a more subjective reason for making a home purchase: the desire for pride of ownership.

It would be easy to dismiss this reason as simply an emotional reaction to making a large purchase, or worse, a self serving justification for spending too much money on one item. But I believe there is more to the issue than emotion.

One of the sources I found defined pride as a feeling of self-respect and personal worth. And that personal worth is very much linked to owning your own home.

Pride of ownership might best be described as a psychological benefit to owning rather than renting. A price cannot be attached to this subjective value, and its importance will vary from person to person. But according to people who experience it, it is an important part of ownership.

I think that part of the value is in the area of control. Anyone who has ever lived in an apartment knows that there are rules which must be followed. Sometimes those rules chafe.

Do not paint the walls. Do not change the door locks. Do not park outside your assigned space. Do not grill in the back yard. Do not install dark colored curtains in the front windows. These are typical of the rules in many rental communities.

But owning your own house brings the buyer a very real sense of freedom. That freedom extends to all areas of life at the property, and covers everything from decorating to playing loud music to inviting over anyone you want. We might call this an owner’s freedom of expression. And while it may be impossible to quantify the value of that freedom, it is indeed a benefit that buyers find attractive.

In a survey done by the National Association of REALTORS of 6,000 homeowners and 2,000 renters - perhaps the largest ever of attitudes toward home ownership - 76% of owners and 66% of renters considered pride of ownership an important reason for buying.

Clearly, having control over your living space is important to home buyers.

But there is also a psychological benefit to not paying rent. Perhaps it is because our parents have taught most of us to view rent as "wasted money," we feel liberated when our dollars go to a mortgage company rather than to a landlord.

The truth is that rent can be a good way to allow you to live in a nice location while preserving your ability to relocate quickly and perhaps to save additional funds toward any purpose. But instead of recognizing a benefit in rentals, most renters think all they receive in exchange for their money is a rent receipt.

Another related benefit under the broad topic of pride of ownership is the area of privacy.

Americans have traditionally held the belief that what goes on behind closed doors is nobody’s business. That is especially true of a homeowner in his own home.

Renters often object to the inclusion of "right of access" clauses in lease agreements. These provisions allow landlords or their agents the right to enter the leased premises under certain conditions, sometimes without the express permission of the resident, for reasons ranging from making repairs to showing the property to prospective future occupants.

In contrast, owners almost always have the luxury of locking the door and knowing that no one can enter without asking.

Some cynics dismiss "pride of ownership" as nothing more than a meaningless phrase. But like a precious metal, the concept of home ownership has value because we attach value to it.

That makes "pride of ownership" a compelling sales tool. When a renter’s child wants to keep the kitten she found and the apartment manager says "no pets," the pride of ownership factor becomes a powerful motivator toward a home purchase.

One final aspect of this issue is the sense of commitment and belonging that a family finds when it becomes a permanent part of a community. Because governmental decisions now have more direct impact on you as an owner, elections take on a new sense of importance. And even if you don’t have children, your desire to see the best for your community may motivate you to participate in school fundraisers and extracurricular activities. Thus a sense of place is at least part of this package.

So what can be said conclusively about pride of ownership?

We can certainly say that it is intangible. Yet it is a powerful advantage that buyers say they are willing to pay for.

A home gives you and your family a feeling of stability and commitment. A special sense of security and satisfaction comes as you begin to put roots down in a neighborhood.

The bottom line is this: Most people buy homes to have control over where they live.

Although investment features are important, the psychological reasons for buying - the satisfaction of owning and freedom from paying rent - seem to be at least as important.

Next week: How valuable are the tax benefits of home ownership?