As the old saying goes, you can’t buy happiness. But you can buy a home—and, according to a new study, that’s pretty much the same thing.
According to the 2019 Fall Homebuyer Insights Report from Bank of America, a whopping 93 percent of people surveyed said that owning a home makes them happier than they were when renting.
But why, exactly, has homeownership caused such a major increase in happiness? 76 percent of homeowners said they started pursuing new hobbies after purchasing their home; including landscaping/gardening (47 percent), cooking/baking/grilling (45 percent), and interior design/remodeling (33 percent); while 67 percent said their relationships with family and loved ones has changed since purchasing a home, including giving their family a sense of pride (47 percent) and allowing homeowners to entertain more (49 percent).
Buying a home gives you more happiness bang-for-your-buck than any other purchase—so not only is it a sound financial investment, but it’s a sound emotional investment as well.