Key to happiness: Be a homeowner

If you’re a single homeowner, your chances of getting married fall

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Want the key to happiness? Than buy a home. Despite the bills and the chores, owning a home is one of the top factors to the happiness of North Americans, according to the OECD. Oh, and are you a single homeowner? Your chances of getting married just dropped. Here’s a few more homeowner stats.

Single homeowners not as likely to marry

→ A single homeowner is less likely to get married than a single renter, according to a study released in July 2015 in the Oxford Journal of Social Work Research. “Home ownership may anchor people, making them reluctant to undertake major life changes such as marriage or divorce, compared with renters,” writes study author and associate professor at Washington University in St. Louis, Michal Grinstein-Weiss. According to the research findings, married homeowners were 60% to 69% less likely to divorce than married renters. A single homeowner getting married, however, was 51% to 55% lower than a single renter. “These findings affirm that the decisions to marry and divorce may have economic dimensions as well as cultural, emotional, and intellectual ones.”

Owning a home brings happiness

→ According to data compiled by the Organisation for Economic Co-operation and Development, money might not be able to buy you happiness, but a home just might. The study examined links between homeownership and higher levels of well-being worldwide. In the U.S., housing ranked as one of the most important factors to happiness. The full list of factors was based on the OECD Better Life Index

We’re ready for the smart home

→ According to a new Coldwell Banker/CNET survey 81% of North Americans said they would be more likely to buy a home if it had smart technology already installed. Smart home systems included: connected lighting, WIFI-enabled thermostats, remote-access security, and smart locks. In fact, 28% of current homeowners surveyed already own at least one smart home product and almost half of millennials (ages 18 to 34) are rapidly adopting the technology.

Even better, smart home technology helps home owners save money. Forty-five percent for the survey respondents said that, on average, their smart home technology saves them over US$1,100 a year.

Read more from Romana King at Home Owner on Facebook »

3 comments on “Key to happiness: Be a homeowner

  1. I disagree on your interpretation of the data on happiness. Correlation doesn’t mean causation.

    Maybe it is the stability and financial independence that makes people happy, not the home ownership. Maybe it is the fact that one is living in the city where he or she likes enough to settle down.

    Recommend reading, “Life would be perfect if I lived in that house”.

    Reply

  2. Many financial planners will readily explain how homeownership is not the key to growing wealth. It has been empirically proven that it is far better to rent than own a home in order to grow wealth. The main reason being that you free up capital to invest in other more productive assets such as stocks.

    Having said the above though, many North Americans derive a sense of comfort from homeownership. In full disclosure I would also have to add that I own the family home and farm that has been in the family for five generations, and although there is a business component to the farm there is also a sentimental attachment that cannot be measured through number crunching. I should also add that I am an accountant and should not let emotion play any role.

    CD

    Reply

  3. It’s still amazing to hear some people say that renting is better than owning. “rent and invest in stocks or mutual funds”… Really? Who’s made any money in stocks the past 10 years?

    If you listened to some of the so called experts like Garth Turner, that have been forecasting the housing bubble for over 8 years, how much would you have lost? What’s a $400k home purchase in 2008 worth today? $700k?, $800k? Anybody’s stock portfolio increase like that?

    I had one of my VIP clients call yesterday and said he was so thankful he bought 3 investment properties over the past 5 years. And in the same conversation, he said, he was happy his stock portfolio didn’t have a loss in the past 5 years…

    Happy he didn’t lose…. Forget about a gain… Wow! That says a lot..

    Reply

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