New study: Homeowners are happier than renters
The results of the latest Homebuyer Insights Report from Bank of America are no surprise to me: According to the latest survey, the vast majority of homeowners are happy with their decision to buy a home.
According to the survey, 93 percent of U.S. homeowners say they are happier after buying a home. The survey found, too, that 83 percent say they would not go back to renting.
Again, this isn’t surprising. Owning a home remains a major part of the American dream. When you own a home you can build equity, which you can then tap in the form of home equity loans or lines of credit. You can use the money from these to fund home improvements, pay off high-interest-rate credit card debt, help cover the cost of your children’s college tuition or whatever else you’d like to do.
Owning a home is a way to increase your wealth, too. The hope — though it is not a guarantee — is that your home will appreciate in value after you buy it. Then when it’s time to sell, you can make a solid profit, one that you can invest in a down payment if you are moving to a larger, more expensive home or one that you can partially bank if you are downsizing to a less expensive residence.
Finally, owning a home comes with intangible benefits, too. There is a sense of pride in maintaining your home, your own personal space. It’s a safe haven for you and your family. It’s a gathering place and a place at which to generate new memories.
As the Bank of America study suggests, owning a home can result in better mental, emotional and financial stability. The study found that more than two-thirds of homeowners say their relationships with family and loved ones had changed for the better after purchasing a home. Half of homeowners said they felt a restored sense of family pride and attachment to loved ones after buying.
The study also found that 77 percent of homeowners had a high level of satisfaction with their financial wellbeing. According to the study, 76 percent of homeowners pursued new hobbies after buying a home. These hobbies included landscaping and gardening, cooking, grilling, interior design and remodeling.