Homeowners Are Happy. Renters? Not So Much.

By
Real Estate Agent with www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 228209

Homeowners Are Happy. Renters? Not So Much.

 

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.

 

Rent VS Own

 

In a recent survey, Bank 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 very different studies, from two very different sources, provide a solid demonstration that renting is simply not the best choice to make.

 

*Post information, including data,  graphic & video, provided by Keeping Current Matters (KCM)

 

Bottom Line

There are both financial and personal benefits to homeownership. As good as the “financial equity” is, it doesn’t compare to the “emotional equity” gained through owning your own home.

 

 

SHARE this with anyone you know who might be interested or call us at (704) 609-2381.

Questions about real estate? Give us a call - (704) 609-2381.

 

© Debe Maxwell | The Maxwell House Group | RE/MAX Executive | CharlotteBroker@icloud.com | Homeowners Are Happy. Renters? Not So Much.

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Rainmaker
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Eva B. Liland Century 21 Doug Anderson
Century 21 Doug Anderson - Lancaster, CA
Glad to be of Service 661-714-1643

Love, love, love your post! Most of my life I've been renting, now I'm a home owner and i LOVE my home. Yes, I bought a mobile home in a nice family park because that was all I could afford. Mobile home buyers realize it's not real estate but it sure beats renting!

 

 

Oct 12, 2019 05:47 PM #1
Rainmaker
1,710,753
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

this is wonderful information to share with renters! 

Oct 12, 2019 07:03 PM #2
Rainmaker
1,635,905
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

Great post Debe Maxwell, CRS if I were still active I would totally use this in my marketing.

Oct 12, 2019 07:11 PM #3
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Mimi Foster
Falcon Property Solutions - Colorado Springs, CO
Voted Colorado Springs Best Realtor

There is such a mental difference between renting and owning. And in our town, the rental prices keep going up so high I don't know how people are affording to rent. 

Oct 12, 2019 07:34 PM #4
Rainmaker
2,509,572
Rebecca Gaujot, Realtor®
Vision Quest Realty - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Debe, excellent post on renting vs homeownership. I agree, there are both financial and personal benefits to homeownership.

Oct 12, 2019 08:24 PM #5
Rainmaker
761,760
Thom Abbott
MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living - Atlanta, GA
Midtown Atlanta GA Condos For Sale

I vaguely remember my renting days....and I'm glad I own my home. I can do what I want, improve it and enjoy it and know it's all mine. 

In fact, I'm probably so attached to it, that I will totally miss the "right time" to make a change. But there is that other person that has their mind set on a "beach house...." 

Oct 12, 2019 08:40 PM #6
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Eva B. Liland Century 21 Doug Anderson, you're so right - ownership is better than renting and it doesn't matter if it's a mobile home or not.

Oct 12, 2019 09:36 PM #7
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Thank you, Lise Howe

I hope you're having a fabulous weekend!

Oct 12, 2019 09:37 PM #8
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Well, thank you Bob "RealMan" Timm! KCM provides some great information for us to share - almost daily. Much of it is repeat/re-written material but, it often includes great new research material too. 

Oct 12, 2019 09:39 PM #9
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Oh, I feel the same way, Mimi Foster! One of my small, 2-bedroom condos rents upwards of $2K per month and I almost always have it rented out. I think what a wonderful home tenants could own with that much money! But, hey, it works for me as a landlord! 😉 

Oct 12, 2019 09:41 PM #10
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Absolutely, Rebecca Gaujot, Realtor®! I can't imagine renting - especially when I think of the financial gains for future retirement planning. It just makes no sense to me not to own!

Oct 12, 2019 09:42 PM #11
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

LOL Why not have both, Thom Abbott?! Maybe we could go in together on a beach house - it would have to be a SC beach though! I'm not as good at the road trips as you are!

Oct 12, 2019 09:43 PM #12
Rainmaker
2,970,929
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Debe.

My wife and I will celebrate our 52nd, anniversary come February.  I believe out of that, we have rented maybe 6-9 months.  

Oct 13, 2019 02:46 AM #13
Rainmaker
3,334,641
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Debe. After 40 plus years of home ownership, the wife and I are renting. It fits our needs but certainly is not for most people. Enjoy your day!

Oct 13, 2019 05:16 AM #14
Rainmaker
5,077,215
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Debe Maxwell, CRS most tenants have a fear of being without a roof, period, if they make that move to purchasing.... renting is easier and comfortable but with no equity or chance of independent wealth.... most change that attitude....but not all!!!

Oct 13, 2019 05:40 AM #15
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Oct 13, 2019 09:17 AM #16
Rainmaker
5,459,073
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Home ownership continues to be the easiest way to build family wealth.

Oct 13, 2019 01:14 PM #18
Rainmaker
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Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Fort Worth, TX
Selling Homes Changing Lives

Debe Maxwell, CRS - Until I bought bought my own home, I never did sleep well. After I bought my home, I slept like a  abby, relaxed, and I dreamed better too! 

Oct 13, 2019 01:27 PM #19
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