Americans Still Believe in the Value of Homeownership
- Last week, Fannie Mae released their National Housing Survey for the third quarter of 2011. They survey the American public on a multitude of questions concerning today’s housing market. Each quarter, we like to pull out some of the findings we deem most interesting. Here they are for the most recent report:
Most Important Reasons to Buy a Home
The study shows that the four major reasons a person buys a home have nothing to do with money. The top four reasons, in order, are:
- It means having a good place to raise children and provide them with a good education
- You have a physical structure where you and your family feel safe
- It allows you to have more space for your family
- It gives you control of what you do with your living space (renovations and updates)
When we talk about homeownership today, it seems that the financial aspects always jump to the front of the discussion. There is no doubt that families must justify a home purchase from a financial point of view today. However, the reasons they actually buy are the same reasons our parents and grandparents purchased their home – to create a better lifestyle for their families.
The Home as an Investment
Though most people purchase a home for non-financial reasons, everyone realizes there is a money component to homeownership. Here is what they said on this issue:
- 64% of the general population (and 69% of homeowners) believe that homeownership is a ‘safe’ investment.
- 55% believe that homeownership has more potential as an investment than any other traditional asset class.
- 68% think that now is a good time to buy a home
Rent vs. Buy
We are always interested in the difference people see in renting vs. owning.
- 63% of renters have aspirations to someday own their own home
- 70% of renters think that owning is superior to renting
- 96% of homeowners see homeownership as a positive experience (4% see it as a negative experience) while 83% of renters see renting as a positive experience (15% see it as a negative experience)
- 97% of homeowners live in a single family residence while 53% of renters live in a multi-unit building
Even in these difficult times, Americans still realize the value of homeownership both from a financial and social standpoint.
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