Five years after the devastating housing crisis, adults still view home ownership in a positive way. A survey was taken by 1,000 adults. These were individuals from all over the country, and 88 percent believe that home ownership is very important.
They believe it to be an integral part of living the American dream. However, 55 percent of individuals surveyed reported that if they couldn’t own a home they would not feel less successful. About 66 percent of adults surveyed say their opinion regarding home ownership has remained the same.
Despite the fact that returning to a normalized housing market has been a slow process, the opinion of those surveyed hasn’t changed over the last five years. Studies show that renters much more likely to report an opinion change than homeowners.
It’s true that the housing market took a major hit. It’s also true that over one million homes went into foreclosure every year. However, despite these obvious problems, homeownership is still something that adults feel strongly about and strive to achieve.
The poll underscores the fact that people who just want to rent need to have affordable, quality rental homes available to them. Although most people’s views of homeownership haven’t changed, the poll found great differences between renters and homeowners. Basically, renters still want to rent and don’t plan on buying a home, even with record-low mortgage rates and home prices.
About 42 percent of renters are considering purchasing a home, and 55 percent of renters are not considering a home purchase. The poll also shows that 63 percent of the renters are likely to rent a housing unit, and 25 percent of renters will rent an actual property.
The poll shows that both homeowners and renters agree that buying a home is a complicated process. Both groups agree that purchasing a home requires beating down numerous obstacles, which are created by personal economics.
The majority of adults feel that they know enough about the available mortgage types, but for every four adults, there is one who doesn’t know much about mortgage options. The poll confirms that the process of purchasing a home creates great tension among consumers.
However, half of all Americans say they’re more prepared to buy a home now than ever before while 40 percent of Americans said they’re not as ready to buy a home as they used to be.
What do these results tell us? Well, they reveal that the majority of consumers can identify when it’s a good time to buy a home, and they feel that homeownership is still very important. However, the events that have occurred over the last five years have held them back from truly pursuing their dream of owning their own home.
Source: “Consumers’ View on Homeownership Remains Optimistic,” National Mortgage News (Nov. 22, 2013)