Proof homeowners are happier than renters, despite a mortgage
Despite the massive financial burden of a mortgage, a new study has found that homeownership could be the key to happiness.
Owning a home could be the key to happiness, new research has found.
With increasing affordability issues and struggles with mortgage stress, new research has revealed that the majority of respondents still believe owning a home is vital to their happiness.
The research from Great Southern Bank showed a clear link between happiness and home ownership, compared to those navigating the rental market.
Long term renters were recorded as the unhappiest group according to the report, with only 29 per cent responding that they were happy or completely happy.
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Happiness was recorded at its highest for mortgage free homeowners and Baby Boomers, with 57 per cent of each group saying they are happy with their current housing situation.
The report found that 51 per cent of renters are feeling burdened by their financial commitments, as tighter rental markets continue to drive prices up across the country.
Despite financial challenges, almost a third of renters remain confident they can achieve home ownership goals.
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Megan Keleher, Chief Customer Officer at Great Southern Bank said despite the challenges, the report confirms it is worth the trade off.
“Home ownership is a journey and we know that it can be difficult,” she said.
“It’s clear however that Australian homeowners do become happier over time, as they build the equity in their home,”
Ms Keleher said younger Australians often found the deposit one of the biggest barriers in home ownership.
“While the journey to get there comes with challenges, there are simple steps that aspiring
buyers can take to help them get onto the property ladder,” she said.
For buyers finding it difficult to save a deposit, Ms Keleher said to consider different options and support available from several government initiatives.
“Some, like the Home Guarantee Scheme, have expanded their eligibility criteria to help more first-time buyers, as well as those who haven’t owned a home for many years,”
Twin brothers Andrew and Zac Cornell were among the first homebuyers to take advantage of expanded eligibility criteria under the Australian Government’s Home Guarantee Scheme.
Previously only available to couples or single applicants, access to the First Home Guarantee and the Regional First Home Buyer Guarantee was extended to include siblings, friends, and family members to make joint applications from 1 July 2023.
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“When we turned 20, we opened a joint savings account and had a strict savings plan. We were saving seriously for three years to make this happen,” Andrew said.
“It was all about discipline. Once we started putting away a set amount each month, it’s surprising how easy it was to save.”
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Originally published as Proof homeowners are happier than renters, despite a mortgage
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