Who’s happier – renters or home owners?

There has always been a great debate over whether renters or owners are happier. Many years ago, buying a house was part of growing up. You were not accomplished until you had a property in your name, and the only people who rented were the ones who couldn’t buy.
Times have certainly changed. Renting has become a common chosen trend, and many homeowners have traded in their mortgage for less responsibility. Yet there’s still so many benefits to owning your own space! So let’s look deeper into which choice ultimately makes you happier?
Reasons renters are happier
No mortgage payment – Having a mortgage hanging over your head is a lot to deal with, especially if the payment consumes a large portion of your income. When you are constantly thinking about making this house a great financial investment, you often forget to invest elsewhere.
Less burden – When you own, you are responsible for that leaking roof or the refrigerator that needs replacing. You are not affected by this “house pain” when you are a renter. In most cases, your landlord is responsible for repairs, maintenance, and appliances.
Stronger relationships – A study found that married couples that own a home argue more than those that rent (although this could be down to the added responsibility of a family etc. which more homeowners will have).
Greater flexibility – If you all of a sudden decide you want to move cross-country you do not have a house holding you back. If you owned a home, you would need to deal with selling it, or at least find a property manager to rent it out and maintain it.
Reasons homeowners are happier
Wealthier – Although not a rule, in most cases, homeowners are wealthier. The National Association of Realtors stated that homeowners had a median net worth 34.2 times higher than renters.
Healthier – For whatever reason, homeowners tend to be healthier than renters overall.
Higher self-esteem – Self-esteem is defined as the way one judges their own worth. The vast majority of new homeowners state that their self-esteem increased significantly after their purchase.
Community-oriented – Homeowners tend to be more involved in the community. This could be influenced by the fact that homeowners tend to have families and more established careers.
More stability – Not only do homeowners feel like they are set for the future, but they can’t be given notice to leave at any moment like a renter can. This leads to a feeling of contentment and stability renters don’t have.
The feeling of working towards something – Paying a mortgage can feel like an accomplishment and investment instead of money often described as “going down the drain” when in a rental property.
Whether you’re a homeowner or a renter – find the one that make you happiest in life! If you need help finding a home to buy or rent, give us a call today.