Homeowners Are Happy! Renters? Not So Much.

    Homeowners Are Happy! Renters? Not So Much. | Simplifying The Market

    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.

    Rajeev Vashist

    Serving Northern Virginia real estate needs for over 27 years – Rajeev Vashist has built his reputation through surpassing his clients’ expectations at every turn. Whether they are buying or selling, his knowledge of the local market is unparalleled and has proven to be advantageous in every transaction for his clients. Rajeev provides each client with extraordinary customer care and services, always implementing –cutting-edge technology in the process, which has earned him raving reviews from his past clients. His passion for real estate and focused determination has helped him excel in his career and afforded him with numerous achievement awards. Rajeev is recognized for consistently placing in the top one percent of all real estate professionals in America. Specializing in navigating the ups and downs of the Northern Virginia Real Estate market, his integrity, dedication, insight, and hard work are only a few of the reasons that over 98 percent of Rajeev’s business comes from repeat clients and referrals. His clients acknowledge the value of his unending, local expertise, negotiation skills, and exceptional personal attention– the level discriminating clientele expect and deserve.
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