Today, Trendy Tuesdays takes a look at how Americans view homeownership at this time, in spite of, or perhaps even thanks to the many challenges presented by recent activities in our financial markets.
Carla Hill, Managing Editor of Online Publications for Realty Times, brings to light a revealing study in an article she published today. A recent survey conducted by Harris Interactive for the National Association of Realtors, explored American Attitudes about Home ownership. She points out that, according to this survey, “Ninety-five percent of owners and a whopping 72 percent of renters believe that over a period of several years, it makes more sense to own a home than not.” She adds that, “77 percent of homeowners believe that home ownership will help them meet long-term financial goals.”
Interestingly, the survey also reveals that most Americans, in spite of their optimism, continue to believe that the economy is not likely to change much in 2011. In fact, Hill points out, “For eight percent of homeowners and nine percent of renters, being able to afford their mortgage or rent is a real and valid concern.”
However, when asked how they feel about home ownership, even people who believe they are not currently able to make the jump agree that owning a home is more than just a matter of capital benefits; it is also about benefits to family life, personal well-being and an altogether different sense of community. “Homeowners generally feel more connected to their communities, participate in community and civic activities more frequently and are more likely to know their neighbors well,” explains Hill.
This makes sense. When you think about it, the first thing that comes to mind in the moment we begin to think about home ownership, often is not whether we can afford it or not; it is a vision of a different lifestyle. Visions tend to create momentum and optimism and when we believe strongly enough in a vision, we can become rather creative.
The public, financial institutions, economists and Real Estate professionals all learn much from market fluctuations. This is what leads to modifications in practices, rules, mortgage rates and qualification standards. Little by little, resources change and more are created to meet the needs of buyers and sellers. Little by little and sometimes buy leaps and bounds, new resources open new doors.
“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,” notes Ron Phipps, NAR President.
Every time individual aspirations move us to seek out information and take the first steps toward a dream, be it home ownership, education, career goals, family or any area of life, we contribute to the momentum that transforms possibilities.
Read the full Realty Times article HERE.