Pioneer Title Agency In the News

October 15, 2019

Nearly all Homebuyers are Happy they Stopped Renting

Data from Bank of America shows that most renters who took the step to homeownership have no regrets about their decision.

A national sample of 2,5000+ individuals participated in the study. Questions include ones like, ” Does owning a home make you happier than renting?”

That question resulted in 93% of individuals answering yes. Only 7% said no.
The study showed over 80% of respondents wouldn’t go back to renting after being a homeowner.

Best Decision They have Made:
When asked if purchasing a home was the “best decision they have ever made,” 88% of homeowners said yes. Meanwhile, 79% of respondents believed owning a home has changed them for the better.

Emotional Equity:
But why are all these homeowners so happy? The study shows “emotional equity” is a major contributing factor.

Over half of those surveyed define home as a place to make memories. Not only that, but 2/3 of current homeowners believe their family relationships have been positively affected since purchasing a home. When comparing the perceived quality of life, 78% of homeowners are satisfied; meanwhile, that number drops to 58% of renters.

Enjoying Their Hobbies:
The study also found that homeownership allows buyers to enjoy their hobbies better. The research shows 82% of homeowners were happy with the time they spend on their hobbies since purchasing a home. Additionally, nearly half of all homeowners said they had time to pursue a new hobby.

So when weighing the benefits of owning a home, you can include the traditional ones of building up wealth and equity – but be sure to add quality of life and happiness as a benefit too! Oh, and you might even have time to try that new hobby! 😉