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.
Bank of America Consumer Lending
Bank of America’s Consumer Lending unit includes First Mortgage, Home Equity, Consumer Vehicle Lending and Residential Real Estate Lending for our Global Wealth and Investment Management business units. Each business is focused on delivering a distinctive and consistent client experience through competitive product offerings, quality loan production, choice of multiple connection and delivery methods, and operational excellence based on a client’s unique attributes and relationship with us.
About the Bank of America Homebuyer Insights Report
Concentrix Analytics conducted an online survey on behalf of Bank of America between January 30 and February 21, 2019. Concentrix surveyed a national sample of 1,919 adults ages 18+ who currently own a home or plan to in the future. In addition, the national sample was supplemented by another 782 respondents to reach the following groups: Generation Z, single females, single males, renters and homeowners who have paid off their mortgage. The margin of error for the national quota is +/- 2.2 percent, and the margin of error for the oversampled markets is approximately +/- 3.5 percent, with each reported at a 95 percent confidence level.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,200 lending centers, 2,400 financial centers with a Consumer Investment Financial Solutions Advisor and 1,700 business centers; approximately 16,600 ATMs; and award-winning digital banking with more than 37 million active users, including approximately 28 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.