While owning a home is a great financial investment, the majority of homeowners think of a home as more than just that.
A home is place where you make memories, according to 58% of current homeowners surveyed in the Bank of America 2019 Fall Homebuyer Insights Report. And most homeowners (93%) said they generally feel happier with owning than renting. More than two-thirds of respondents said their relationships with friends and family has evolved since becoming owners. Forty-nine percent said they entertain more, now that they are owners, while 47% said homeownership gives families a sense of pride. Nearly one-quarter of respondents said it allowed them to bring their entire family under one roof.
Homeownership has even changed the lifestyles of many people. Eighty-three percent of owners said they don’t think they could go back to renting after owning, while 79% said owning a home has “made me a better person.” In fact, 76% of homeowners reported they developed new hobbies after buying a home. Nearly half became interested in gardening and landscaping, while 45% deepened their culinary skills, with cooking, baking and/or grilling. One-third of owners reported becoming interested in interior design and/or remodeling after buying a home.
Compared to prospective buyers, homeowners reported higher levels of satisfaction among several factors, including where they live, how happy they are, how much time they spend on hobbies, quality of social life, financial well-being and life overall. Homeowners also found themselves more emotionally attached to their home than they expected, 70% reported.
And 69% think they would have difficultly letting go of a home; they said they would find it difficult to leave their home, thanks to all of the memories they have there.