A variety of claims have been made concerning the social benefits of homeownership. This paper describes research designed to assess the impacts of homeownership on the self-esteem, perceived control and life satisfaction of low-income persons. The longitudinal study assessed changes in these three constructs, pre- and post ownership, and compared them to those in a control group of continuing renters. The findings indicate that, relative to the control group, those in the homeowner group did not experience a significant increase in self-esteem or sense of control. They did, however, experience a significant increase in life satisfaction. Moreover, housing condition, regardless of tenure, was found to influence both self-esteem and life satisfaction. The policy implications of the results are discussed.