Bank of America

2019 Fall Homebuyer Insights Report

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.

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.

Happy homeowners would never go back to renting

Does owning a home make you happier than renting did?

  • 93
    7

Could you go back to renting after owning?

  • 83
    17
sale
rent

Owning a home contributes to an improved lifestyle and a variety of hobbies

Has becoming a homeowner made you a better person?

  • 79
    21

76% of homeowners pursued new hobbies after buying a home, including:

  • Being able to retire: 47%

    Landscaping/gardening

  • Getting Married: 45%

    Cooking/baking/grilling

  • Owning a home: 33%

    Interior design/remodeling

67% of current homeowners say their relationships with family and loved ones have changed since purchasing a home. Among those who feel this way, homeownership has:

  • Being able to retire: 47%

    Given families a sense of pride

  • Getting Married: 49%

    Allowed homeowners to entertain more

  • Owning a home: 24%

    Enabled homeowners to bring the entire family under one roof

Compared to prospective homebuyers, current homeowners have higher levels of satisfaction with many aspects of life, including:

  • Hobbies

    How much time they spend pursuing their hobbies

    82
    63
  • Social

    The quality of their social life

    78
    58
  • Well-Being

    Their financial well-being

    77
    42
  • Life

    Their life overall

    88
    70

Homeowners value emotional equity over financial investment

Current homeowners believe that a home is a:

  • Place where you make memories
    Financial Investment
    58
    42

No matter how they define a home, most Americans agree that:

  • Memories

    Owning a home is a way to build lifelong memories with loved ones

    89%
  • Emotionally

    They're more emotionally attached than they anticipated

    70%
  • Home

    It would be difficult to move from their home because of the memories made there

    69%

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