Bye, Bye, Buyer’s Remorse: Happy Homeowners Would Never Go Back to Renting
05 Septembre 2019 - 03:00PM
Business Wire
Homeowners Making Themselves at Home With New
Lifestyles and Hobbies
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.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email alerts.
www.bankofamerica.com
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version on businesswire.com: https://www.businesswire.com/news/home/20190905005159/en/
Reporters May Contact: Kris Yamamoto, Bank of America,
805.526.1910 kris.yamamoto@bofa.com
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