Bank of America was out Thursday with news that may bring a smile to the faces of people whose job it is to sell new homes: Most Americans prefer a mortgage payment to paying rent monthly, according to Bank of America’s Homebuyer Insights Report.
According to the results of a survey, 93% of people who have bought a home are happier because of it, and 83% say they wouldn’t go back to renting. 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.
“We know how much homeownership means, and we see examples every day of how owning a home gives our clients the power to build personal wealth and make memories,” said D. Steve Boland, head of consumer lending at Bank of America. “They’ve told us very clearly that homeownership is invaluable, and that’s why we’re actively providing assistance with down payment and closing costs to help people buy homes and create a new lifestyle.”
A whopping 88% of homeowners said they agree that buying a home is the best decision they have ever made, and 79% believe that owning a home has changed them for the better. Homeownership also changes the way people spend their time, with 82% of homeowners reporting satisfaction with the amount of time they spend on their hobbies and passions since purchasing a home.
Three out of four homeowners pursued new hobbies after buying a home, including:
- Landscaping/gardening (47%)
- Cooking/baking/grilling (45%)
- Interior design/remodeling (33%)
Beyond hobbies, two-thirds of current homeowners say their relationships with family and loved ones have changed for the better since purchasing a home, and 78% are satisfied with the quality of their social life, significantly higher than the amount of satisfied prospective home buyers (58%). Among homeowners who feel their relationships with loved ones have changed since purchasing a home, homeownership has:
- Given families a sense of pride (47%)
- Allowed homeowners to entertain more (49%)
- Enabled homeowners to bring the entire family under one roof (24%
American homeowners believe homeownership builds emotional and financial equity, but emotional value holds more weight. In fact, more than half of current homeowners define a home as a place to make memories, compared to 42% who view a home as a financial investment. No matter how they define a home, most Americans agree that owning one is a way to build lifelong memories with loved ones, and 70% say they are more emotionally attached to their homes than they anticipated. In fact, more than two-thirds believe it would be difficult to move from their home because of the memories made there.
Concentrix Analytics conducted an online survey on behalf of Bank of America between January 30 and February 21, 2019. Concentrix surveyed a national sample of 1,919 adults ages 18+ who currently own a home or plan to in the future. In addition, the national sample was supplemented by another 782 respondents to reach the following groups: Generation Z, single females, single males, renters and homeowners who have paid off their mortgage. The margin of error for the national quota is +/- 2.2%, and the margin of error for the oversampled markets is approximately +/- 3.5%, with each reported at a 95% confidence level.