Beyond the frequently advertised financial benefits of owning your own home, a new survey from Rocket Mortgage and Redfin outlined that homeowners experience many other benefits to their lifestyles over those who rent.
Rocket and Redfin’s survey of 4,000 18-plus U.S. adults, conducted by leading market research firm Ipsos, found that homeowners experience more satisfaction and fulfillment in their housing situation than renters.
In terms of satisfaction, a whopping 90% of homeowners reported being satisfied with their living situation, compared to 69% of renters. Additionally, while 18% of renters reported dissatisfaction with their living situation, only 5% of homeowners said the same.
The survey provides a counterpoint to a narrative about the recent market and the alleged rise of “homebuyer remorse,” as spiraling prices and stagnant wages have forced many consumers to stretch budgets or compromise in their home search.
Rocket and Redfin found, however, that homeowners largely are still enjoying the benefits of homeownership, even beyond well-understood financial boons. As for specific fulfillment, this comes in the form of the freedom to customize and the ability to build community roots.
Typically, homeowners are able to customize and personalize their housing situations to adhere to their tastes and comforts, or to improve their quality of life, more than renters who are beholden to lease guidelines.
Specifically, 52% of homeowners surveyed reported that they had made renovations and improvements in the last year to do just that. This freedom to adapt their housing situations led to 74% of homeowners surveyed reporting that their home is a reflection of who they are, as opposed to 46% of renters saying the same.
Building roots in a community is also more common for homeowners, as they are typically more “anchored” to their place of living than renters are. While 54% of renters reported a sense of belonging in their neighborhood, 72% of homeowners shared they felt the same.
Of course, homeowners do also experience the aforementioned financial benefits, mainly that of financial security and flexibility. Specifically, the survey found that 62% of homeowners report being able to “easily” afford their monthly housing payments, compared to 29% of renters reporting the same. More homeowners also reported being able to do more things for enjoyment due to financial flexibility, 59% vs. 28% of renters.
