69% of Renters Would Be Happier Owning a Home, Yet 60% Say It Is Out of Reach, New Data Finds
Wednesday, January 31st, 2024
On every single aspect of life — from overall quality of life to mental health — homeowners are more satisfied than renters, according to new research from Home Bay, an online publication owned by Clever Real Estate that connects readers with expert real estate advice.
However, although 69% of renters believe owning a home would make them happier, 60% say homeownership is out of reach.
Homeowners and renters rate their level of satisfaction out of 10 for the following:
|
Homeowners |
Renters |
|
|
Living situation |
7.5 |
5.83 |
|
Overall happiness |
7.47 |
6.2 |
|
Quality of life |
7.4 |
6.22 |
|
Mental health |
7.13 |
6.01 |
|
Career |
6.97 |
5.61 |
|
Physical health |
6.86 |
5.97 |
|
Love life |
6.82 |
6.14 |
|
Social life |
6.74 |
5.82 |
|
Financial well-being |
6.64 |
5.12 |
|
Physical attractiveness |
6.62 |
6.06 |
|
Net worth |
6.29 |
4.9 |
In addition, about 2 in 3 renters (67%) are stressed about their finances, compared to fewer than half of homeowners (44%). Further, renters are 86% more likely than homeowners to not consider themselves financially comfortable.
A resounding 90% of homeowners say they're happier overall since they bought a home, and another 80% say owning a home was the best decision they ever made.
However, 19% of homeowners wish they were still renting. Nearly half of homeowners (47%) say they miss not having to take care of repairs, and 56% wish they spent less time on maintenance.
More than half (52%) of homeowners say owning a home is more expensive than expected, and 43% find it more challenging than expected. Since purchasing their home, 20% of homeowners admit to being in more non-mortgage debt.
Read the full report at: https://homebay.com/renting-vs-buying/
