A report by the customer-owned bank has found that the majority of people agree that home ownership is important to their happiness.
According to the research report No Place Like Home commissioned by Great Southern Bank, home owners were significantly happier with their current housing situation when compared to renters.
The report found that 70 per cent of respondents agreed that owning a home is important to their overall happiness.
The reported aimed to examine the confidence among buyers, their level of happiness with their savings and home buying decisions and what they expect from their next step in their home ownership journey.
It found that happiness was at its highest among mortgage-free home owners and Baby Boomer respondents, with 57 per cent in each group stating they’re content with their current living situation, compared to 29 per cent of long-term renter respondents.
Renters were more likely to feel burdened by financial commitments, with 51 per cent responding as such compared to 36 per cent of home owners.
Additionally, cost-of-living was more of a concern for long-term renters (84 per cent), followed by housing affordability (80 per cent). For home owners, 73 per cent were concerned with cost-of-living and 62 per cent for housing affordability.
However, 29 per cent of renters and 18 per cent of long-term renters remained steadfast in their aspirations to own their own homes despite these financial concerns, with 53 per cent of renters being hopeful of buying a home to live in within the next three years.
Great Southern Bank chief customer officer Megan Keleher said this report was the first phase in the bank’s report and provided “valuable insights on how home ownership ultimately leads to increased happiness over time.
“Home ownership is a journey and we acknowledge that it can be difficult. These results show it is worth the trade-offs people make along the way,” Ms Keleher said.
“Gen Z and Millennials tell us that saving a deposit is the key barrier to taking that first step towards buying a home. It’s clear however that Australian home owners do become happier over time, as they build the equity in their home.”
Ms Keleher further stated that those who have home ownership dreams should take advantage of the range of government support and initiatives available.
“For instance, the federal government Home Guarantee Scheme’s expanded eligibility criteria is helping more first-time buyers, as well as those who haven’t owned a home for many years,” Ms Keleher said.