93% of Americans surveyed would rather make a mortgage payment than pay monthly rent. They believe that owning a home makes them happier than being a tenant and they now have an emotional attachment to their home with an improved lifestyle and increased homeowner interests. 83% say they couldn’t go back to renting after owning.
The intangibles of owning a home include how they spend their time now and strengthened relationships with their family and friends. Two thirds of homeowners who took part in the Bank of America Fall 2019 Buyer Insights Survey felt their families had a sense of pride and allowed them to entertain more. New hobbies include landscaping and gardening, cooking and grilling, and interior design and remodeling.
Current homeowners reported higher levels of satisfaction than prospective buyers in several areas including spending more time pursuing their hobbies, the quality of their social lives, their financial well being and their life overall.
Those surveyed agree that homeownership builds emotional and financial equity. The emotional benefits of owning a home include a way to build lifelong memories with family and friends which could make it difficult to move in the future.