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The Homeownership Effect - Homeownership Brings Happiness

Tuesday, May 5, 2020   /   by Erin Posey

The Homeownership Effect - Homeownership Brings Happiness

The home buying process can be LONG and arduous. Before you even take the step of looking at homes, you've planned for a downpayment, checked your credit report and taken any necessary steps to raise your score, and you've probably read a ton of blog posts about mortgages and what to look for in your first home.

All the effort is WORTH it. Not only is homeownership a great investment and wealth-builder, it actually is proven to increase happiness.
Realtor Magazine sites that:

Eighty-eight percent of survey respondents say that buying a home is the best decision they’ve ever made. Seventy-nine percent say that owning a home has changed them for the better. Three out of four homeowners surveyed say they pursued new hobbies after buying a home, including:

  • Landscaping/gardening: 47%
  • Cooking/baking/grilling: 45%
  • Interior design/remodeling: 33%

Further, two-thirds of respondents say their relationships with family and loved ones has changed for the better since purchasing a home. They credited homeownership as improving their relationships in the following ways:

  • Given families a sense of pride: 47%
  • Allowed homeowners to entertain more: 49%
  • Enabled homeowners to bring the entire family under one roof: 24%

According to the  2019 Fall Homebuyer Insights Report from Bank of America, nine out of 10 homeowners says owning makes them happier than renting. Another 83 percent say they could never revert back to renting.

"About half of those surveyed also say owning a home has given their family a sense of pride, as well as more opportunity to entertain friends and loved ones.

Nearly 80 percent are more satisfied with their social life and financial well-being since buying a home, while 88 percent say their life is better overall.

“This is the first time we’ve asked homeowners how much owning a home means to them, and a majority said that buying a home is the best decision they’ve ever made,” Boland said."

If you think homeownership might be for you, it is never too early to start gathering information and partnering with industry experts. We LIVE to help people navigate the complexities of the home buying process so they come out WINNERS. Send us your questions today! 
The Moxie Group | West + Main Homes
Erin Blades Posey, Denise Duran-Marcum
2010 Youngfield Street
Lakewood, CO 80215

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