Data from Bank of America shows that most renters who took the step to homeownership have no regrets about their decision. A national sample of 2,5000+ individuals participated in the study. Questions include ones like, ” Does owning a home make you happier than renting?” That question resulted in 93% of individuals answering yes. Only 7% said no. The study showed over 80% of respondents wouldn’t go back to renting after being a homeowner. Best Decision They have Made: When asked if purchasing a home was the “best decision they have ever made,” 88% of homeowners said yes. Meanwhile, 79% of respondents believed owning a home has changed them for the better. Emotional Equity: But why are all these homeowners so happy? The study shows “emotional equity” is a major contributing factor. Over half of those surveyed define home as a place to make memories. Not only that, but 2/3 of current homeowners believe their family relationships have been positively affected since purchasing a home. When comparing the perceived quality of life, 78% of homeowners are satisfied; meanwhile, that number drops to 58% of renters. Enjoying Their Hobbies: The study also found that homeownership allows buyers to enjoy their hobbies better. The research shows 82% of homeowners were happy with the time they spend on their hobbies since purchasing a home. Additionally, nearly half of all homeowners said they had time to pursue a new hobby. So when weighing the benefits of owning a home, you can include the traditional ones of building up wealth and equity – but be sure to add quality of life and happiness as a benefit too! Oh, and you might even have time to try that new hobby!
