What do homeowners think about being homeowners.
Since the collapse of the residential market in the last five years, experts want to let us know how Americans feel about owning a home. You hear people say that homeowners must be devastated and feel trapped like prisoners in their own homes. Homeowners are especially sorry they ever bought the house. While these assumptions seem logical at times, the only people who truly understand how homeowners feel are the homeowners themselves.
There were three major surveys done this year; American Attitudes About Home Ownership, The National Housing Survey conducted by Fannie Mae & the Harris Interactive for the National Association of Realtors. Discussed below are some of the highlights from the survey data.
One of these surveys showed that 96% of all homeowners said homeownership has been a positive experience. Sixty-four percent of people surveyed considered buying a home as a safe investment. Buying a home was considered safer than buying stocks by over three times (64% vs 17%).
Some of the top reasons to buy included:
- Having a good place to raise children and provide a good education.
- Having a physical structure where you and your family feel safe
- More space for your family
- Control over what you do with your living space (renovations & updates)
Home owners believe that home ownership benefits individuals and families and strengthens our communities. While we are in the midst of today’s challenging economy, 95% of home owners say that owning a home is a smart decision over the long term. They believe that over a period of several years, it makes more sense to own a home.
Compared to renters, home owners are much more likely to be satisfied with the quality of their family and community life. While about one-third (36%) of renters report they are “very” or “extremely” satisfied with the overall quality of their family life, more than half of owners (56%) same levels of satisfaction. When looking at satisfaction levels of their community life, 43% of home owners are “very” or “extremely satisfied compared with 30% of renters. A high percentage (93%) of home owners surveyed are happy with their decision to own a home and would buy again.
As you would imagine, of the homeowners whose home value has maintained its value or increased in value, 88% say buying a home is the best long-term investment a person can make. For those who’s home value has fallen only a little are almost as (85%) enthusiastic about housing as a long-term investment. Even those who have seen their home values plummet are still committed to the idea that buying a home is a solid, long-term investment. Among those who say their home has lost a lot of its value, 80% agree that buying a home is the best long-term investment (36% strongly agree, 44% agree somewhat).
While there have been families that have been devastated by the current economy,but through it all, homeowners have really not wavered in their belief in homeownership as the best long-term investment. Add in the social benefits of owning a home, it looks like investing in real estate is still a positive.
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Rich Peralta is a real estate professional in the Portland Metro Area, including Lake Oswego and West Linn Real Estate.
He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com
Contact him for more information on Portland, Lake Oswego & West Linn Real Estate!
Also posted on Portland Real Estate.
