Most Americans still believe that owning a home is a solid financial decision and a majority of renters aspire to home ownership as a long term goal. 72% of renters surveyed said owning a home is a top priority for their future, up from 63% in 2010.
7 in 10 Americans also agreed that buying a home is a good financial decision while almost 2/3rds said now is a good time to purchase a home. The annual survey, which measures how affordable housing issues affect consumers, also found that more than 77% said they would be less likely to buy a home if they were required to put down 20% down payment on the home and a strong majority (71%) believe a 20% down payment requirement could have a negative impact on the housing market.
Surveys for the past 8 years have consistently reported that having enough money for a down payment and closing costs are top obstacles that make housing unaffordable for Americans. 82% of respondents cited these as the top obstacle, followed by having confidence in one's job security.
When asked why home ownership matters to them, respondents cited stability and safety as the top reason. Long term economic reasons such as building equity followed closely behind.
references: leanne jernigan, NAR, donsrealty