Bank of America recently released a survey of 2,500 Americans and how they FEEL about homeownership. The numbers are staggering in favor of homeownership!
- Homeowners were asked “Does owning a home make you happier than renting?” An astounding 93% said YES!
- More than 80% of them said they wouldn’t go back to renting.
- 88% of homeowners agree buying a home is the best decision they have ever made.
- 79% of homeowners believe that owning a home has changed them for the better.
- 2/3 of homeowners believe their relationships with family and loved ones has changed for the better since they bought a home.
- 78% of homeowners are satisfied with the quality of their social life, which is much higher than the 58% who rent and are thinking of buying a home.
This survey tells me that the financial benefits of homeownership are completely over-shadowed by the emotional equity of owning a home. Thus, we should sell the emotional benefits and improved quality of life that comes from homeownership especially with Millennials. This is what they care about.