Survey: Homeownership Can Lead to Happiness
While people often tout the financial benefits of buying a home, a new survey suggests the emotional perks may be just as far-reaching.
Homeownership has long been viewed as part of the American Dream. But to drill deeper into consumers’ perceptions about homeownership, Bank of America issues a quarterly Homebuyer Insights Report, exploring buyers’ “attitudes, behaviors and preferences.”
For the Fall 2019 edition, the financial services giant commissioned Concentrix Analytics to survey 1,919 adults who either currently own a home or plan to buy one in the future, as well as another 782 members of other groups, such as renters and members of Generation Z.
An overwhelming 93% of respondents who already own a home said they are happier because they are homeowners. On top of that, 83% said they would never go back to renting.
Similarly, most homeowners (88%) said buying a home was the best decision they have ever made, with 79% describing homeownership as having changed them for the better.
There are a number of reasons why buying a house can sometimes be a smart move financially. For example, renters often face financial obstacles such as unexpected rent increases. In some places, it may even be less expensive to buy a house than it is to rent a place to live.
However, the survey showed that the emotional benefits of buying a house are often more meaningful to homebuyers. By a 58%-to-42% margin, homeowners felt their home was a place where they make memories rather than primarily a financial investment.
The study also looked at the level of satisfaction homeowners felt with their lives, compared to that of non-homeowners. Approximately 78% of homeowners were satisfied with the quality of their social lives, versus only 58% among non-homeowners.
Also, 88% of homeowners were satisfied with their life overall, while 70% of prospective homeowners felt that way. Homeowners also were happier with their financial well-being, as 77% felt satisfied with that aspect of their lives, compared to 42% of prospective homebuyers.
Meanwhile, smaller margins of homeowners reported specific quality-of-life improvements. Forty-seven percent said buying a home gave their family a sense of pride, 49% said it allowed them to entertain more, and 24% said it allowed them to have their entire family under one roof.
In many cases, homeowners were surprised by their feelings toward their homes, with 70% saying they were more emotionally attached to their houses than they had expected to be. Likewise, 69% said it would be tough for them to move because of the memories they had made there.
Everyone’s reason for buying a home is different. Whether you’re interested in homeownership as a financial transaction or you’re focused on the emotional benefits, consider ways to minimize your costs, like programs that can help you with your down payment. Also, research what financial considerations you’ll need to make as you decide whether now is the best time for you to pursue the dream of homeownership.
