Survey: Consumers say owning easier than renting

NEW YORK – May 9, 2019 – A majority of homeowners say they believe owning a home isn’t as difficult as renting, according to a new survey from LendingTree, an online loan marketplace.

Only 15 percent of homeowners believe renting is easier than owning a home compared with 67 percent of more than 2,000 homeowners who said owning is easier.

For the most part, the longer homeowners have been in their homes, the more likely they are to believe owning is easier, according to the study.

The longer a consumer owns a home, the less likely they’ll say they ever want to rent again, the survey found. For example, nearly 72 percent of homeowners who have spent seven to nine years in their home say owning is easier than renting, and only 7 percent of respondents who owned their home for at least a decade say they wish they could return to renting compared to 19 percent who have owned for three years or less.

Homeowners seem happy and content, particularly in some states. Missouri has the largest percentage of homeowners – 91 percent – who say they’ll stay in their state after 10 years. Tennessee and Georgia homeowners are also likely to say they don’t plan to move to another state in the next decade.

On the other hand, homeowners in the Northeast are the most likely to say they want to relocate to a different state. Owners in Maryland, Massachusetts, Illinois, New Jersey and Connecticut may be the residents most open to moving to another state, the study found.

Homeowners associations (HOAs)

The study also asked respondents about HOAs, and 39 percent say they’ve had some kind of disagreement with their HOA. The percentage rises close to 50 percent for millennial homeowners.

The common sources of disagreements with an HOA are:

  1. Maintenance (28%)
  2. Housing appearance regulations (20%)
  3. Neighbor nuisances (15%)
  4. Applying rules unevenly among residents (12%)
  5. Lack of communication (11%)
  6. Costs – fees or other financial issues (8%)
  7. Other things (5%)

Source: “More Than Two-Thirds of Homeowners Think Owning Is Easier Than Renting,” LendingTree (May 6, 2019)

SOURCE: © Copyright 2019 INFORMATION INC., Bethesda, MD (301) 215-4688