Owners and Renters Agree: Owning a Home Is a Smart Decision

Owners and Renters Agree: Owning a Home Is a Smart Decision

RISMEDIA, January 22, 2011—A substantial majority of both homeowners and current renters agree that owning a home is a smart decision over the long term. That’s according to the results of a National Association of REALTORS® survey of 3,793 adults conducted online by Harris Interactive.

The American Attitudes About Homeownership survey found that 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. In addition, an overwhelming majority of homeowners are happy with their decision to own a home—93% of owners surveyed would buy again.

“Homeowners and renters agree that homeownership benefits individuals and families, strengthens our communities, and is integral to our nation’s economy,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “The results of this survey illustrate just how important issues related to homeownership are to people in this country.”

The survey uncovered some differences between homeowners and renters, as well. While more than half of owners are “very” or “extremely” satisfied with the overall quality of their family life, only one-third of renters report the same levels of satisfaction. Similarly, 43% of homeowners are very/extremely satisfied with their community life, compared with 30% of renters.

A majority of renters—63%—said it was at least somewhat likely that they would purchase a home at some point in the future. Among this group, young adults (18-29 years old) have the strongest aspirations for homeownership; only 8% of young adults said that it was “not at all likely” that they would purchase a home at some point in the future.

The market across the country has taken a very large hit for a number of reasons. Prices have fallen precipitously and that has scared many people into viewing real estate as a bad investment. For people who purchased their homes at the height of the market that may very well be the case but real estate comes in cycles and will come back. It always has. California is a very volatile market with wider swings than many other places around the country. For people who buy homes today, the future looks good. There are many financial benefits to owning a home and 10 years from now, will you benefit from those?

Posted on Calabasas Homes-Calabasas Real estate – Santa Monica Homes-Santa Monica Real Estate

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