Bank of America’s latest Homebuyer Insights Report finds that homeowners wouldn’t go back to renting

We’re pleased to share the findings from our latest Homebuyer Insights Report, which explores the attitudes, behaviors and preferences of the modern homebuyer.

Decisively preferring a mortgage to rent payments, most American homeowners (83 percent) say they wouldn’t go back to renting. They are happier owning (93 percent) and believe homeownership has changed them for the better (79 percent). 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.

This is the first time we’ve asked homeowners how much owning a home means to them, and a majority (88 percent) said that buying a home is the best decision they’ve ever made. Homeownership also changes the way people spend their time, with 82 percent of homeowners reporting satisfaction with the amount of time they spend on their hobbies and passions since purchasing a home. In fact, 76 percent of homeowners pursued new hobbies after buying a home, including gardening and landscaping, cooking and baking, and interior design.

Relationships with family and loved ones also change after buying a home, and homeowners experience an improvement in the quality of their social lives. In fact, 78 percent of homeowners are satisfied with the quality of their social life – significantly higher than the amount of satisfied prospective homebuyers (58 percent). Homeownership gives them a sense of pride and enables them to entertain more often and bring the entire family under one roof.

We’re delighted to hear the immense satisfaction homeownership brings to Americans, and we will continue to offer clients convenience and control in managing their finances and living happier lives.

8/27/19


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