Most Americans prefer a mortgage payment to paying rent monthly according to Bank of America’s Home Buying Insights Report. In fact, 93 percent of people who have bought a home are happier because of it, and 83 percent say they wouldn’t go back to renting. Most credit their happiness to an emotional attachment to their home, as well as the improved lifestyle and variety of hobbies that come with owning.
The HomeBuyer Insights Report finds most Americans prefer a mortgage payment to rent. Most homeowners credit their happiness to an improved lifestyle and the variety of hobbies that come with owning.
Happy homeowners would never go back to renting!
Does owning a home make you happier than renting did?
Could you go back to renting after owning?
The latest report also found that homeowners believe homeownership builds emotional and financial equity, but emotional value seems to hold more weight. In fact, more than half of current homeowners define a home as a place to make memories.
Owning a home changes you for the better
A staggering 88 percent of homeowners agree that buying a home is the best decision they have ever made, and 79 percent believe that owning a home has changed them for the better.
Homeownership also changes the way people spend their time, with 82 percent of homeowners reporting satisfaction with the amount of time they spend on their hobbies and passions since purchasing a home. In fact, three out of four homeowners pursued new hobbies after buying a home, including:
Beyond hobbies, two-thirds of current homeowners say their relationships with family and loved ones have changed for the better since purchasing a home, and 78 percent are satisfied with the quality of their social life – significantly higher than the amount of satisfied prospective homebuyers (58 percent). Among homeowners who feel their relationships with loved ones have changed since purchasing a home, homeownership has:
Compared to prospective homebuyers, current homeowners have higher levels of satisfaction with many aspects of life, including:
Homeowners value emotional equity over financial investment
American homeowners believe homeownership builds emotional and financial equity, but emotional value holds more weight. In fact, more than half of current homeowners define a home as a place to make memories, compared to 42 percent who view a home as a financial investment.
Current homeowners believe that a home is a:
No matter how they define a home, most Americans agree that owning one is a way to build lifelong memories with loved ones, and 70 percent say they are more emotionally attached to their homes than they anticipated. In fact, more than two-thirds believe it would be difficult to move from their home because of the memories made there.