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?
Could you go back to renting after owning?
Owning a home contributes to an improved lifestyle and a variety of hobbies
Has becoming a homeowner made you a better person?
76% of homeowners pursued new hobbies after buying a home, including:
Being able to retire: 47%
Getting Married: 45%
Owning a home: 33%
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:
How much time they spend pursuing their hobbies
The quality of their social life
Their financial well-being
Their life overall
Homeowners value emotional equity over financial investment
Current homeowners believe that a home is a:
Place where you make memories
No matter how they define a home, most Americans agree that:
Owning a home is a way to build lifelong memories with loved ones
They're more emotionally attached than they anticipated
It would be difficult to move from their home because of the memories made there
Concentrix Analytics conducted an online survey on behalf of Bank of America between January 30 and February 21, 2019. Concentrix surveyed a national sample of 1,919 adults age 18+ who currently own a home or plan to in the future. In addition, the national sample was supplemented by another 782 respondents to reach the following groups: Generation Z, single females, single males, renters and homeowners that have paid off their mortgage. The margin of error for the national quota is +/- 2.2 percent, and the margin of error for the oversampled markets is approximately +/- 3.5 percent, with each reported at a 95 percent confidence level.
This material is provided for your convenience and information only. Bank of America assumes no liability for loss or damage as a result of your reliance on information in this publication. Our goal is for the content of this publication to be accurate as of the date this issue was printed. However, due to rapid changes occurring in the programs, products, and services offered within the home financing industry, we do not guarantee the accuracy or completeness of the information presented.
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