Home Ownership Still a Goal for Americans
A survey commissioned by the National Association of Realtors has found that the desire to own a home has persisted both among people who already own homes and those who rent their residence.
"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, who is also broker-president of Phipps Realty in Warwick, R.I. "The results of this survey illustrate just how important issues related to homeownership are to people in this country."
The survey uncovered some differences between homeowners and renters as well, the association reported.
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% of homeowners are very/extremely satisfied with their community life, compared with 30% of renters.
A majority of renters-63%-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 to 29 years old) have the strongest aspirations for homeownership; only 8% of young adults said that it was "not at all likely" that they would purchase a home at some point in the future, NAR reported.
"In today's market, many aspiring homeowners 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," the association reported.
One point of agreement between renters and homeowners was support of the mortgage interest deduction. Seventy-four percent of owners and 62% of renters say it's "extremely" or "very" important that the deduction remain in place.
"At a time when the middle class is under increasing economic pressures, both homeowners 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 homeownership for our future."
The survey was conducted online and fielded in October 2010. A total of 3,793 adults were surveyed.