The recent Home Opportunities and Market Experience (HOME) Survey of the National Association of Realtors has revealed that majority of US Households still firmly believe that owning a home is a good financial decision.
"Despite entering the workforce during or immediately after the worst of the financial and housing crisis, the desire to become a homeowner appears to be a personal goal for a convincing majority of young renters," said Lawrence Yun, Chief Economist at NAR. "Furthermore, there appears to be sizeable, pent-up demand for buying that currently remains untapped because of a variety of economic and personal reasons impacting many households."
According to the press release of NAR in PR Newswire, 84 percent of all households within all surveyed age groups and education levels believe owning a home is a good financial decision. Among the surveyed households in each age category as well as across all education levels, 84 percent consider owning a home part of their American Dream.
The NAR HOME Survey also shows that the top reasons why a US Household wants to own a home includes: lifestyle changes such as getting married, starting a family, or retiring (35 percent); desire to settle down in one location (18 percent); and improvement in financial situation (15 percent).
The survey also revealed the reasons why renters don't currently own a home. The top reasons are: 'Can't afford to buy' (53 percent); 'Currently need flexibility' (19 percent); 'Don't want responsibility' (11 percent).
"A combination of factors such as rising rents and home prices, limited supply, repaying student debt, and getting married and having children later in life has more to do with the currently underperforming share of first-time buyers than the idea that buying a home is not as desirable as it used to be," said Yun.
The National Association of Realtors' Home Opportunities and Market Experience Survey was conducted by TechnoMetrica Market Intelligence.
Housing Opportunities and Market Experience Survey