A recent BANK OF AMERICA REPORT Found THAT HAPPY HOMEOWNERS WOULDN’T GO BACK TO RENTING.
Kathy Cummings, SVP, Homeownership Solutions & Affordable Housing Programs at Bank of America.
The 2019 Fall Homebuyer Insights Report confirms what we suspected: owning a home makes Americans happier by giving them the power to build personal wealth and make valuable memories! In fact, 93% of American homeowners say they are happier than when they rented and 83% wouldn’t go back to renting. Most credit their happiness to an emotional attachment to their home and believe that owning a home has changed them for the better.
79% say being a homeowner has made them a better person
More than three-quarters (76%) pursued new hobbies after buying a home, including landscaping/gardening (47%), cooking/baking/grilling (45%), interior design/remodeling (33%)
Compared to prospective homebuyers, current homeowners have higher levels of satisfaction with many aspects of life, including how much time they spend pursuing hobbies (82% of current homeowners vs. 63% of prospective homebuyers. The quality of their social life (78% of current homeowners vs. 58% of prospective homebuyers)
Counterintuitively, the financial wellbeing of homeowners is significantly higher than that of prospective homebuyers (77% vs. 42%)
Homeowners value emotional equity over financial investment 58% of homeowners believe a home is a place where you make memories, compared to 42% who believe it is a financial investment
More About Bank of America.
Bank of America’s $5 Billion Commitment to Affordable Homeownership: In April, Bank of America announced a $5 billion affordable homeownership initiative that today is helping eligible homebuyers across the country with their down payments and closing costs, making homeownership a reality for those who may have thought they’d never own a home of their own.
