A recent BANK OF AMERICA REPORT Found THAT HAPPY HOMEOWNERS WOULDN’T GO BACK TO RENTING. 

Kathy Cummings, SVP, Homeownership Solutions & Affordable Housing Programs at Bank of America. 

The 2019 Fall Homebuyer Insights Report confirms what we suspected: owning a home makes Americans happier by giving them the power to build personal wealth and make valuable memories! In fact, 93% of American homeowners say they are happier than when they rented and 83% wouldn’t go back to renting. Most credit their happiness to an emotional attachment to their home and believe that owning a home has changed them for the better. 

79% say being a homeowner has made them a better person 

More than three-quarters (76%) pursued new hobbies after buying a home, including landscaping/gardening (47%), cooking/baking/grilling (45%), interior design/remodeling (33%) 

Compared to prospective homebuyers, current homeowners have higher levels of satisfaction with many aspects of life, including how much time they spend pursuing hobbies (82% of current homeowners vs. 63% of prospective homebuyers.  The quality of their social life (78% of current homeowners vs. 58% of prospective homebuyers) 

Counterintuitively, the financial wellbeing of homeowners is     significantly higher than that of prospective homebuyers (77% vs. 42%) 

Homeowners value emotional equity over financial investment 58% of homeowners believe a home is a place where you make memories, compared to 42% who believe it is a financial investment 

More About Bank of America. 

Bank of America’s $5 Billion Commitment to Affordable Homeownership: In April, Bank of America announced a $5 billion affordable homeownership initiative that today is helping eligible homebuyers across the country with their down payments and closing costs, making homeownership a reality for those who may have thought they’d never own a home of their own. 

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