Coffee or tea? Cake or pie? Rent or buy? Life is full of big questions—some a little harder to answer than others. But in the case of renting versus buying, there are a few big reasons why ownership still wins the battle.
Thinking about making the jump from renting to owning? Here’s how your life might change.
Does Owning Make You Happier than Renting?
That’s the big question posed by the most recent Bank of America Homebuyer Insights Report. The answer? A resounding yes. In fact, out of the modern homebuyers interviewed, 93% of respondents said that owning a home made them happier than renting, and 83% said that they would never go back to renting after owning.
It doesn’t just end with happiness, though—79% of homeowners believe that buying their own property has changed them for the better and 88% say it’s the best decision they’ve ever made.
On the flip side, according to the latest Zillow Housing Aspirations Report, 45% of renters regret not buying, with the biggest reasons being lack of customization opportunities, high rent payments, and lack of private outdoor space.
The Effects of Owning a Home
You hear a lot about the financial equity of owning a home, but Bank of America’s survey sought out information on the “emotional” equity of ownership—which brought up some interesting numbers.
When asked if they viewed the home as a place to make memories or a financial investment, more than half of respondents chose the former. After buying, more than 76% of people pursued new hobbies—including landscaping and gardening, cooking and baking, and interior design.
And it’s not just the individuals: family relationships also benefited. Homeownership allowed 49% of respondents to entertain more often and 24% to bring the entire family under one roof.
Current Homeowners versus Prospective Homeowners
If you’re still on the fence about buying a home, consider these numbers:
- Time spent pursuing hobbies
- Current homeowners: 82%
- Prospective homeowners: 63%
- The quality of social life
- Current homeowners: 78%
- Prospective homeowners: 58%
- Financial well-being
- Current homeowners: 77%
- Prospective homeowners: 42%
- Quality of life overall
- Current homeowners: 88%
- Prospective homeowners: 70%
Ready to Become a Homeowner?
Owning a home comes with a myriad of benefits—both financial and emotional. If you’re ready to take the leap into homeowning, then congratulations!
At Linda Craft & Team REALTORS ®, we’re dedicated to not only finding you the best Triangle-area home for your wants and needs, but also ensuring that your journey is seamless and stress-free. Browse some of the resources we have to offer our buyers, and use our specialized home search tool to narrow down your options. Once you’re ready to get started, just give us a call!