Owning your home could be the key to happiness, according to research by comparison website. Finder.
According to Finder’s Consumer Sentiment Tracker, a nationally representative survey of more than 30,000 respondents, those who rent report lower levels of happiness and higher levels of money stress than home-owners.
On average 83% of home-owners report being happy, compared to 69% of renters.
The survey finds that 26% of renters admit they are “extremely stressed” with their financial situation, compared to 15% of home-owners.
Sarah Megginson, senior editor of money at Finder, says: “We know mortgage stress is a real thing, but our research shows renters are struggling the most.
“Renting itself doesn’t make people stressed or unhappy. Owning a home is correlated with a higher income and cash position, which is leading to higher rates of happiness and financial wellbeing to a certain extent.”
Megginson says renters are more likely to be students, young people starting their careers, or those on lower incomes, which can make it difficult to get into the housing market.
This has been exacerbated in 2021 by major increases in residential rents and in property values, factors likely to further stress tenants and make owners happier.