American Attitudes About Home Ownership

Home Ownership Wilmington Real Estate
American Attitudes About Home Ownership
Saturday, January 29th, 2011

According to a NATIONAL ASSOCIATION OF REALTORS® survey of 3,793 adults conducted by Harris Interactive and released in January 2011, home owners and renters agree that home ownership benefits individuals and families, strengthens our communities, and is integral to our nation’s economy. Here you’ll find highlights from the research report plus easy ways to share the information.Home Ownership Wilmington Real Estate Among the findings of NAR’s “American Attitudes About Homeownership” survey:

  • The vast majority of both home owners and renters say that owning a home is a smart decision over the long term. Even in today’s challenging economy, 95% of owners and 72% of renters believe that over a period of several years, it makes more sense to own a home.
  • Home owners are much more likely to be satisfied with the quality of their family and community life
    than renters. While more than half of owners (56%) are “very” or “extremely” satisfied with the overall quality of their family life, only about one-third (36%) of renters report the same levels of satisfaction. Also, 43% of home owners are “very” or “extremely” satisfied with their community life, compared with 30% of renters.
  • An overwhelming majority of home owners are happy with their decision to own a home. A full 93% of owners surveyed would buy again.
  • Most renters aspire to home ownership. The majority of renters (63%) say they are at least somewhat likely to purchase a home at some point in the future. Among them, young adults (18- to 24-years-old) have the strongest aspirations for home ownership.

The survey also confirmed that home owners and renters continue to have concerns about the economy:

  • In today’s market, many aspiring home owners face worries about job security and credit worthiness. Among renters who are “very” or “extremely” likely to buy a home in the future, three out of five consider confidence in job security or creditworthiness to be an obstacle.
  • Home owners and renters both believe that the mortgage interest deduction should not be targeted for change. 74% of owners and 62% of renters say it’s “extremely” or “very” important that the MID remain in place.

Given the strong public support of and aspirations for owning a home, we need to keep in place policies that support and encourage responsible, sustainable home ownership. Resources You Can Use:
REALTORS® may share the data above with their clients and communities. For additional information, check out these resources: Download a full summary of the survey results > (PDF: 112 KB) View survey charts and graphs > (PDF: 860 KB) News Release: Owners, Renters Agree—Owning a Home is a Smart Decision > Tools for Working With the Media:
Share these ready-to-use story ideas and articles with local media and tell the story of home ownership in your community. Home Ownership: The Right Move, from the January 2011 Home Delivery newsletter Survey Shows Owners and Renters Agree Home Ownership Matters, Real Estate Facts, February 2011