A new Homebuyer Insights Report from Bank of America finds most Americans prefer a mortgage payment to a rent payment. Most homeowners credit their happiness to an improved lifestyle and the variety of hobbies that come with owning.

The report also found that homeowners believe homeownership builds emotional and financial equity, but emotional value seems to hold more weight. In fact, more than half of current homeowners define a home as a place to make memories. See the full report here.