7 out of 10 Renters See Ownership as a Priority

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Did you see this? NAR - 7 out of 10 renters see ownership as a priority

According to the 2011 National Housing Pulse Survey released today by the National Association of Realtors®, 72% of renters surveyed said owning a home is a top priority for their future, up from 63% in 2010.  Seven in 10 Americans also agreed that buying a home is a good financial decision while almost two-thirds 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 three quarters of renters (77%) said they would be less likely to buy a home if they were required to put down a 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. 

Over half – 51% – of self-described “working class” home owners as well as younger non-college graduates (51%), African Americans (57%) and Hispanics (50%) who currently own their homes reported that a 20% down payment would have prevented them from becoming home owners.  Pulse surveys for the past eight years have consistently reported that having enough money for a down payment and closing costs are top obstacles that make housing unaffordable for Americans. Eighty-two% of respondents cited these as the top obstacle, followed by having confidence in one’s job security.  The survey also found respondents were adamantly against eliminating the mortgage interest deduction.

Two-thirds of Americans oppose eliminating the tax benefit, while 73% believe eliminating the MID will have a negative impact on the housing market as well as the overall economy.

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. On a local level, respondents said neighbors falling behind on their mortgages and the drop in home values were top concerns.

Foreclosures also continue to remain a large concern, with almost half of those surveyed citing the issue as a problem in their area.

Here is to an awesome 2nd half!!

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