Attitudes Toward Home Ownership

As remodeling and construction professionals, we enjoy the opportunity to take the temperature of the housing industry and occasionally key in to attitudes on home ownership.  A recent study on this topic sought to understand the relationship between the economic environment and attitudes toward home ownership.  The study unearthed a handful of highlights that we found enlightening: Intent To Buy: One in five homeowners and one of three renters say they want to buy a home over the next two years.  This indicates a strong level of interest in home buying in light of current market conditions. Pride In Ownership: The study found that most homeowners still take great pride in home ownership.  In addition, the majority of renters still aspire to someday own a home, and the majority of both renters and owners still regard homeownership as a positive, long-term investment.  This pride in ownership exists even in light of declining home values. Challenges Of Home Ownership: On the downside, renters are having increased difficulties securing the cash needed for down payments.  In fact, less than one in five renters reported that they could afford a twenty-percent down payment on a home.  As a result, most renters surveyed (sixty two-percent) believed that their next home would be a rental as opposed to a purchase, despite their desire to own. Attitudes Toward Purchase: Most Americans – homeowners and renters alike – believe that now is “a good time to buy.”  The survey participants cited attractive home prices, low interest rates, and a wide variety of houses on the market as the motivation behind this sentiment.  In general, young Americans, those 35 years of age and under, have more positive feelings about the housing market than those 36 years of age and older. Housing Market Outlook: Perhaps most promising were expectations regarding home buying.  Nearly twenty-percent of homeowners and nearly thirty-percent of renters are considering a home purchase in the next two years – a promising percentage considering current market conditions!