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Homeowners Are Happy! Renters? Not So Much.

Thursday, September 26, 2019   /   by Juan Grimaldo

Homeowners Are Happy! Renters? Not So Much.

Homeowners Are Happy! Renters? Not So Much.


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 surveyBank 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.


Keller Williams Realty Professional Partners - The Grimaldo Group
Juan Grimaldo
7025 West Bell Road #10
Glendale, AZ 85308
480-365-8346

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