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NEW YORK – When asked to name the single biggest benefit of homeownership, the most common answer for homeowners was privacy (14%), while renters pointed to stability (16%).
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.
The survey found that homeowners, on average, rate their overall happiness at 7.5 out of 10, 20% higher than where renters rate their happiness at just 6.2. Moreover, renters report 22% higher stress levels, with an average score of 6.2 out of 10, compared to homeowners, with an average rating of 5.1 out of 10.
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.
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