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.
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