I am reprinting a recent article regarding consumer attitudes about home ownership. Last year several media outlets reported that home ownership was perhaps not as much of an "aspiration" as it once was. This article indicates that a majority of homeowners and a sizable percentage of renters strongly agree that home ownership offers a healthy family environment and financial benefits. Many renters would like to be homeowners but face financial obstacles in achieving that goal.
reprinted from Real Trends, January 20, 2011 edition:
"American Attitudes About Homeownership
Homeowners and renters have generally positive views about homeownership and the financial and non-financial benefits it provides to families and communities. A large share of renters aspire to homeownership, despite the financial obstacles of buying a home including accumulating a down payment and concerns about job security. The tax benefits of homeownership are valued by both homeowners and renters with large percentages noting that it is important to keep these benefits in place.
Homeowners and renters agree that owning a home is a positive choice. A majority of homeowners and a sizable percentage of renters agree or strongly agree that owning a home provides a healthy and stable environment for raising a family (87 percent among homeowners and 64 percent among renters), that it helps them meet long-term financial goals (77 percent among homeowners and 55 percent among renters) and it helps them realize the American Dream (70 percent among homeowners and 48 percent among renters).
Most homeowners (95 percent) and renters (72 percent) believe that over a period of several years, it makes more sense to own a home than to rent.
More than 8 in 10 homeowners (82 percent) and half of renters (50 percent) would prefer to buy a home if they had to move in the next six months. Furthermore, 78 percent of homeowners consider now a good time to buy as do 58 percent of renters.
Homeownership is viewed as a positive experience while less so for renting. Eighty-eight percent of current homeowners report that owning a home has been a positive or very positive experience.
About half of renters (51 percent) consider their experience as positive or very positive.
Many renters aspire to homeownership. More than 6 in 10 renters are at least somewhat likely to purchase a home in the future and 24 percent indicate that they are extremely likely. Among young adult renters, 74 percent say they are likely to buy at some point in the future. About one-third (35 percent) of renters plan to purchase a home in the next 3 to 5 years (43 percent among young adult renters).
For renters planning to purchase a home, many face obstacles to achieving their homeownership goal.
Eighty percent of renters note that having enough money for a down payment and closing costs was an obstacle to homeownership. Other obstacles include finding a home that is affordable and having confidence in job security.
Both homeowners and renters recognize the financial and non-financial benefits of owning a home. Nearly two-thirds of homeowners (63 percent) and renters (65 percent) consider the financial and non-financial benefits of homeownership equally important.
Homeowners and renters believe that it is important that the tax benefits of homeownership remain in place. For example, 74 percent of homeowners believe that it is extremely or very important to maintain the mortgage interest deduction; 62 percent of renters share this view as well.
For homeowners with a mortgage, more than one-third (34 percent) report that the mortgage interest deduction helps their family very much or a great deal in today’s economy. Furthermore, more than half of homeowners with a mortgage (57 percent) report that owning a home would be less attractive to them if the mortgage interest deduction was no longer available.
Renters and homeowners believe that owning a home is more or much more difficult than it was in their parents’ generation (55 percent among homeowners and 74 percent among renters). "
If you have any questions, please do not hesitate to call me. You can reach me, Don Ricedorff, at The Wells Group 970-375-7014, don@frontier.net, or at my website at durangorealproperty.com.
Don Ricedorff is a licensed real estate broker in the State of Colorado, with 18+ years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients. The designations include:
CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist
He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.
