There is a growing number of people debating whether the government should continue its level of support for homeownership. Mortgage assistance is being pulled back and even the mortgage-tax-deduction is now up for debate. We want to look at how the people of this country view owning a home and the reasons they buy. Last week, Fannie Mae released the National Housing Survey. Here are the survey’s more interesting findings.
Belief 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 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.
- It means having a good place to raise children and provide a good education
- You have a physical structure where you and your family feel safe
- It allows you to have more space for your family
- It gives you control over what you do with your living space (renovations & updates)
- It allows you to live in a nicer home
- It allows you to live in a location that is closer to work, family, or friends
Top Financial Reasons 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.
- Paying rent is not a good investment
- Buying a home provides a good financial opportunity
- Owning a home is a good way to build up wealth and pass it along to my family
- It is a good retirement investment
- Owning a home provides tax benefits
- Owning a home gives me something I can borrow against if I need it
The people of this country have always seen great value in owning their own home. They still do. We believe we should never underestimate the importance of homeownership as a crucial piece of the American Dream.
Courtesy of Lisa Bear RE/MAX Realty Center
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