What Americans Think About Homeownership

around the country feel about homeownership. Are they for it? Do they still support it despite the last 5 years' tumultuous activity? Fannie Mae released their National Housing Survey earlier this month, and here are some of the key results relating to Americans and homeownership:

Americans Still Believe in Homeownership

• 96% of all homeowners said homeownership has been a positive experience.
• 84% of Americans still believe that owning a home makes more sense than renting.Even 68% of renters believe owning makes more sense.
• 64% consider buying a home as a safe investment. Buying a home was considered safer than buying stocks by over three times the number of people (64% vs 17%).
• 2 in 3 Americans believe that lifestyle benefits of homeownership (65%) are superior to the financial benefits (32%).

Top Non-Financial Reasons People Want to Buy a Home

Lifestyle Benefits: The broader security and lifestyle benefits of homeownership, such as providing a good and secure place for your family and children, where you have the control to make renovations and updates if you want, and in a place that's in a community and location that you prefer.

1. It means having a good place to raise children and provide a good education
2. You have a physical structure where you and your family feel safe
3. It allows you to have more space for your family
4. It gives you control over what you do with your living space (renovations & updates)
5. It allows you to live in a nicer home
6. It allows you to live in a location that is closer to work, family, or friends

Top Financial Reasons People Want to Buy a Home

Financial Benefits: The financial benefits of homeownership: its value as an investment (especially compared to paying rent), its value as a way to build up wealth for retirement or to pass on to your family, and the tax benefit.

1. Paying rent is not a good investment
2. Buying a home provides a good financial opportunity
3. Owning a home is a good way to build up wealth and pass it along to my family
4. It is a good retirement investment
5. Owning a home provides tax benefits
6. Owning a home gives me something I can borrow against if I need it"

As a mortgage loan officer or a realtor, it's important to remind any potential home buyers of all the above benefits. If you have clients that are on the fence about moving forward, be sure to drop the survey in front of them as well as to note the incredibly low mortgage interest rates that are still in effect.

Keep in mind, with the recent changes in tax filing timetables, even eager-to-buy home clients could be daunted by the necessity of completed tax returns - be sure they have the documents they need to begin the mortgage loan process.

Americans all around the country are still excited about homeownership, which means there is real potential for a full-recovery of the housing market. If you live in the Connecticut region or want to buy a home in Connecticut, give me a call to get the ball rolling on the mortgage loan process. I can help you to refinance your existing Connecticut home loan or find you the perfect Connecticut property for you and your family.