Homeownership equals happiness — at least that’s what a recent survey revealed. In fact, according to a new poll, 93 percent of homeowners say having a house makes them happier than renting did. And nearly as many? They say they’d never go back to renting because of it.
The homeownership effect
According to the newly released 2019 Fall Homebuyer Insights Report from Bank of America, nine out of 10 homeowners says owning makes them happier than renting. Another 83 percent say they could never revert back to renting.
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On top of this, most homeowners say having a house has actually made them a better person. Three-quarters said they’ve pursued new hobbies since buying a house — with landscaping, gardening, cooking, baking, and remodeling among the top-named activities. More than 80 percent say they have more time to pursue those hobbies, too.
“Decisively preferring a mortgage to rent payments, most American homeowners say they wouldn’t go back to renting,” said D. Steve Boland, head of consumer lending at Bank of America. “They are happier owning and believe homeownership has changed them for the better. Most credit their happiness to an emotional attachment to their home, as well as the improved lifestyle and variety of hobbies that come with owning.”
The national homeownership rate might be down, but it’s still going strong in these states.
Other perks of homeownership
About half of those surveyed also say owning a home has given their family a sense of pride, as well as more opportunity to entertain friends and loved ones.
Nearly 80 percent are more satisfied with their social life and financial well-being since buying a home, while 88 percent say their life is better overall.
“This is the first time we’ve asked homeowners how much owning a home means to them, and a majority said that buying a home is the best decision they’ve ever made,” Boland said.