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Homeownership: Still the American Dream

16 Aug

by The KCM Crew on
August 16, 2011

Yesterday, Fannie Mae released their National Housing Survey for the second 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

When we talk about homeownership today, it seems that the financial aspects
always jump to the front of the discussion. However, 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)

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:

  • 65% of the general population (and 67% of homeowners) believe that
    homeownership is a ‘safe’ investment.
  • 56% believe that homeownership has more potential as an investment than any
    other traditional asset class.
  • 69% think that now is a good time to buy a home (this number has increased
    in each of the last two quarters)

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
  • 72% of renters think that owning is superior to renting
  • 95% of homeowners see homeownership as a positive experience (4% see it as a
    negative experience) while 82% of renters see renting as a positive experience
    (17% see it as a negative experience)
  • 96% of homeowners live in a single family residence while 46% of renters
    live in a multi-unit building

Bottom Line

Even in difficult times, Americans still realize the value of homeownership.

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Posted by on August 16, 2011 in Buying

 

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