Despite high prices, becoming a homeowner may still pay off. According to new data from Bank of America, 93 percent of renters who transitioned to homeownership have no regrets about their decision. They report being happier than they were leasing and 80 percent said they would never go back.
A whopping 88 percent stated that buying a home was the “best decision they ever made” and 79 percent of respondents say that owning has changed them for the better.
The data supports other studies that show that long-term, homeownership is more affordable that renting and is one of the primary ways American’s build wealth.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.