Homeowners Making Themselves at Home With New Lifestyles and HobbiesBank Of America survey reveals attitudes toward homeownership that belie deeper sentiments toward lifestyle satisfaction.
September 05, 2019 — CHARLOTTE, N.C.–(BUSINESS WIRE)–Most Americans prefer a mortgage payment to paying rent monthly according to Bank of America’s Homebuyer Insights Report. In fact, 93 percent of people who have bought a home are happier because of it, and 83 percent say they wouldn’t go back to renting. Most credit their happiness to an emotional attachment to their home, as well as the improved lifestyle and variety of hobbies that come with owning.
“We know how much homeownership means, and we see examples every day of how owning a home gives our clients the power to build personal wealth and make memories,” said D. Steve Boland, head of Consumer Lending at Bank of America. “They’ve told us very clearly that homeownership is invaluable, and that’s why we’re actively providing assistance with down payment and closing costs to help people buy homes and create a new lifestyle.”
Owning a home changes you for the better
A staggering 88 percent of homeowners agree that buying a home is the best decision they have ever made, and 79 percent believe that owning a home has changed them for the better.
Homeownership also changes the way people spend their time, with 82 percent of homeowners reporting satisfaction with the amount of time they spend on their hobbies and passions since purchasing a home. In fact, three out of four homeowners pursued new hobbies after buying a home, including:
- Landscaping/gardening (47 percent)
- Cooking/baking/grilling (45 percent)
- Interior design/remodeling (33 percent)
Beyond hobbies, two-thirds of current homeowners say their relationships with family and loved ones have changed for the better since purchasing a home, and 78 percent are satisfied with the quality of their social life – significantly higher than the amount of satisfied prospective homebuyers (58 percent). Among homeowners who feel their relationships with loved ones have changed since purchasing a home, homeownership has:
- Given families a sense of pride (47 percent)
- Allowed homeowners to entertain more (49 percent)
- Enabled homeowners to bring the entire family under one roof (24 percent)
- Homeowners value emotional equity over financial investment
American homeowners believe homeownership builds emotional and financial equity, but emotional value holds more weight. In fact, more than half of current homeowners define a home as a place to make memories, compared to 42 percent who view a home as a financial investment.
No matter how they define a home, most Americans agree that owning one is a way to build lifelong memories with loved ones, and 70 percent say they are more emotionally attached to their homes than they anticipated. In fact, more than two-thirds believe it would be difficult to move from their home because of the memories made there.
To learn more about the Bank of America Homebuyer Insights Report, click here. To learn more about the bank’s commitment to affordable homeownership and its down payment and closing cost assistance programs, click here.