Mortgage payment or rent? There’s no contest study finds!
Homeownership has been so positive for most owners, that they would never choose to return to renting.
A new study from the Bank of America found that 83% would never go back and 93% said that their lives have been happier because of homeownership.
The Homebuyer Insights Report also discovered that 88% said buying their home was the best decision they ever made while 79% said it has changed them for the better.
Emotional attachment and improved lifestyle both contribute to their happiness. And many said they have benefitted from new hobbies such as gardening/landscaping and interior design/remodeling.
“We know how much homeownership means, and we see examples every day of how owning a home gives our clients the power to build personal wealth and make memories,” said D. Steve Boland, head of Consumer Lending at Bank of America. “They’ve told us very clearly that homeownership is invaluable, and that’s why we’re actively providing assistance with down payment and closing costs to help people buy homes and create a new lifestyle.”
Being able to house the whole family under one roof (24%), a sense of pride (47%), and allowing them to entertain more (49%) were all cited as positive changes since buying a home.
Emotions vs. equity
While respondents said homeownership builds both emotional and financial equity, it is the emotional value that is most important.
More than half of current homeowners define a home as a place to make memories, compared to 42% who view a home as a financial investment.
Most Americans agree that owning one is a way to build lifelong memories with loved ones, and 70% say they are more emotionally attached to their homes than they anticipated. More than two-thirds believe it would be difficult to move from their home because of the memories made there.