Homeowners Are Happy Renters Not So Much

Dated: 09/26/2019

Views: 39

Homeowners Are Happy! Renters? Not So Much. | MyKCM

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 renting

  • 88% agreed that buying a home is the “best decision they have ever made

  • 79% believed owning a home has changed them for the better

Those 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 home

  • 78% are satisfied with the quality of their social life

  • 82% of homeowners said they were satisfied with the amount of time they spend on their hobbies and passions since purchasing a home

  • 75% of homeowners pursued new hobbies after buying a home

Homeowners seem to be very happy.

Renters Tell a Different Story…

According to the latest Zillow Housing Aspirations Report45% 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 equity

  • 52% regret not being able to customize or improve their rentals

  • 50% regret that the rent is so high

  • 49% regret that they lack private outdoor space

These two studies prove that renting is just not the same as owning.

Bottom Line

There are both financial and non-financial benefits to homeownership. As good as the “financial equity” is, it doesn’t compare to the “emotional equity” gained through owning your own home.

Blog author image

Lance Whipple PA

Lance is a Retired Air Force Officer and skip-generation real estate agent -- his grandparents ran a real estate brokerage in Oregon during the 1960s and 70s. Lance helps mainly vacation home investor....

Latest Blog Posts

The 1 Reason It Is Difficult To Find Your Dream Home

The #1 Reason It Is Difficult to Find Your Dream HomeThe headlines in real estate today all revolve around one major point: there is a shortage of homes available for sale. Price appreciation

Read More

Four Tips For Selling Your Central Florida Home In A Hurry

Four Tips for Selling Your Central Florida Home in a Hurry.One of the good things about the Kissimmee real estate market, if you are a homeowner, is thatthere is always someone looking to buy. Even

Read More

A REAL STEAL BALMORAL RESORT TOWNHOME IN THE DISNEY AREA FLORIDA

  Resort Style Living in this beautiful 2 story fully furnished townhouse on the private, gated  Balmoral community on Hwy 27 close to Legoland and easy access to the

Read More

Choosing Your First Home

Can I Afford the House I want?One mistake young homeowners make is overextending themselves on the price of a house. They can look at what a monthly mortgage payment can be and decide that if they

Read More