Owners and Renters Agree: Home Ownership Still Makes Sense
Here's good news about home ownership from the National Association of Realtors.
A
substantial majority of both home owners and current renters agree that
owning a home is a smart decision over the long term. That’s according
to the results of a National Association of Realtors® survey of 3,793 adults conducted online by Harris Interactive.
The
American Attitudes About Homeownership survey found that in today’s
challenging economy, 95 percent of owners and 72 percent of renters
believe that over a period of several years, it makes more sense to own a
home. In addition, an overwhelming majority of home owners are happy
with their decision to own a home – 93 percent of owners surveyed would
buy again.
“Home
owners and renters agree that home ownership benefits individuals and
families, strengthens our communities, and is integral to our nation’s
economy,” said National Association of Realtors® President Ron Phipps,
broker-president of Phipps Realty in Warwick, R.I. “The results of this
survey illustrate just how important issues related to home ownership
are to people in this country.”
The
survey uncovered some differences between home owners and renters, as
well. While more than half of owners are “very” or “extremely” satisfied
with the overall quality of their family life, only one-third of
renters report the same levels of satisfaction. Similarly, 43 percent of
home owners are very/extremely satisfied with their community life,
compared with 30 percent of renters.
A
majority of renters – 63 percent – said that it was at least somewhat
likely that they would purchase a home at some point in the future.
Among this group, young adults (18-29 years old) have the strongest
aspirations for home ownership; only 8 percent of young adults said that
it was “not at all likely” that they would purchase a home at some
point in the future.
In
today’s market, many aspiring home owners are faced with worries about
job security and creditworthiness. Among renters who are very or
extremely likely to buy a home in the future, three out of five consider
confidence in job security and creditworthiness to be an obstacle.
One
point of agreement between renters and home owners was support of the
mortgage interest deduction (MID). Seventy-four percent of owners and 62
percent of renters say it’s “extremely” or “very” important that the
MID remain in place.
“At
a time when the middle class is under increasing economic pressures,
both home owners and renters agree that the mortgage interest deduction
should not be targeted for change,” said Phipps. “Given strong public
support of and aspirations toward owning a home, we need to keep
policies in place that support and encourage responsible, sustainable
home ownership for our future.”
This
survey was conducted online within the U.S. and fielded October 6-20,
2010. A total of 3,793 adults, 18 and older were surveyed, including
1,880 home owners, 1,115 renters, and 798 young adults. All samples came
from the Harris Poll online database and were weighted for age, sex,
race/ethnicity, education, region and household income to be
representative of the U.S. general population of adults 18 and older.
Propensity score weighting was also used to adjust for respondents’
propensity to be online. Results are available online at www.realtor.org/statsanddata/homeownership/attitudes_homeown.
Here's good news about home ownership from the National Association of Realtors.
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