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For Buyers, Happiness More Important than Financial Return

NEW YORK – The real estate industry promotes the financial value of property, but owners care more about the happiness it provides and emotional attachment to “home,” according to a study from Bank of America.

The latest Bank of America Homebuyer Insights Report explores the attitudes, preferences and behaviors of the modern homebuyer. The fall report finds that 93% of American homeowners say owning a home makes them happier than renting did, and 83% wouldn’t go back to renting.

But the happiness for homeownership is more emotional than financial. Most credit their happiness to an emotional attachment to their home and believe that owning a home has changed them for the better.

Other insights from the 2019 Fall Bank of America Homebuyer Insights Report include:

  • 76% pursued new interests after buying a home, including landscaping/gardening (47%), cooking/baking/grilling (45%), and interior design/remodeling (33%).
  • More than two-thirds of current homeowners say their relationships with family and loved ones have changed since purchasing a home, and 78% are satisfied with the quality of their social life.
  • The financial well-being of homeowners is significantly higher than that of prospective buyers (77% vs. 42%).
  • 58% of homeowners believe a home is a place where you make memories, compared to 42% who believe it is a financial investment.
  • 69% think it would be difficult to let go of their home thanks to the memories they have there.

© 2019 Florida Realtors®

                                                                                                                                                                                                                                                                                                                

Information provided by Florida Realtors.  Click here to see the original article.

Reprinted with permission Florida Realtors. All rights reserved. 

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