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:
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:
Compared to prospective homebuyers, current homeowners have higher levels of satisfaction with many aspects of life, including:
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How much time they spend pursuing their hobbies
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The quality of their social life
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Their financial well-being
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Their life overall
Homeowners value emotional equity over financial investment
Current homeowners believe that a home is a:
No matter how they define a home, most Americans agree that:
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Owning a home is a way to build lifelong memories with loved ones
89% -
They're more emotionally attached than they anticipated
70% -
It would be difficult to move from their home because of the memories made there
69%
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2019
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2018
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Press Kit
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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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