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Homeowners Are Happy! Renters? Not So Much.

Homeowners Are Happy! Renters? Not So Much.

When people talk about homeownership and the American Dream, much of the conversation revolves around the financial benefits of owning a home. However, two recent studies show that the non-financial benefits might be even more valuable.

In a recent survey, Bank of America asked homeowners: “Does owning a home make you happier than renting?” 93% of the respondents answered yes, while only 7% said no. The survey also revealed:

More than 80% said they wouldn’t go back to renting88% agreed that buying a home is the “best decision they have ever made”79% believed owning a home has changed them for the betterThose surveyed talked about the “emotional equity” that is built through homeownership. The study says 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. Besides building wealth, the survey also showed that homeownership enhances quality of life:

67% of current homeowners believed their relationships with family and loved ones have changed for the better since they bought a home78% are satisfied with the quality of their social life82% of homeowners said they were satisfied with the amount of time they spend on their hobbies and passions since purchasing a home75% of homeowners pursued new hobbies after buying a homeHomeowners seem to be very happy.

Renters Tell a Different Story…According to the latest Zillow Housing Aspirations Report, 45% of renters regret renting rather than buying — more than five times the share of homeowners (8%) who regret buying instead of renting. Here are the four major reasons people regret renting, according to the report:

52% regret not being able to build equity52% regret not being able to customize or improve their rentals50% regret that the rent is so high49% regret that they lack private outdoor spaceThese two studies prove that renting is just not the same as owning.

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