Ninety-three percent of Americans say they are happier after buying a home, and 83 percent would never go back to renting, according to Bank of America’s latest Homebuyer Insights Report.
Of the nearly 2,000 consumers surveyed, most say buying a home is the best decision they’ve ever made.
Since owning a home is a life goal for many, it’s not surprising to hear that achieving homeownership makes the buyer feel good. What is interesting are the various ways those surveyed say they feel better about their life.
They report having a positive emotional attachment to their home, an improved lifestyle, a greater variety of hobbies, a more empowered lifestyle and a greater sense of satisfaction.
Seventy-nine percent believe homeownership has changed them for the better, while three out of four say they pursued new hobbies after buying a home, including:
• Landscaping and gardening: 47%
• Cooking, baking, and grilling: 45%
• Interior design and remodeling: 33%
Homeowners also point to improved relationships with family and loved ones since purchasing a home. Two-thirds of those surveyed report their relationships have changed for the better in the following ways:
• Given families a sense of pride: 47%
• Allowed homeowners to entertain more: 49%
• Enabled homeowners to bring the entire family under one roof: 24%
• Feel satisfied with the quality of their social life: 78%
The report shows that homeownership positively impacts an individual’s satisfaction with their financial status. Seventy-seven percent of homeowner’s sense of financial well-being ranks higher than that of prospective buyers.
And while homeownership is known for enhancing personal wealth, emotional connection dominates financial benefits as top of mind among those surveyed. More respondents think of home as a place to make memories than as a financial investment – 58 percent compared to 42.
No wonder owning a home is considered by many to be the American dream. While it’s the biggest financial decision most will make, making a well-reasoned decision to buy has a lasting positive impact. It offers the potential to enhance an individual’s or couple’s ability to build personal wealth and make lasting memories.
Source: “2019 Fall Homebuyer Insights Report,” Bank of America. View the full report at: info.bankofamerica.com/homebuyers-report.
By Tom Kalinski. Tom is the broker/owner of RE/MAX of Boulder, the local residential real estate company he established in 1977. He was inducted into Boulder County’s Business Hall of Fame in 2016 and has a 40-year background in commercial and residential real estate. For questions, e-mail Tom at [email protected], call 303.441.5620 or visit boulderco.com.