Homeownership: Consumer Buying Trend
Consumer Attitude Toward Buying a Home is Still Strong
According to a recent survey of likely voters, the majority said that owning a home is a great investment. Many people believe it is worth the ups and downs of the market. Homes owned for longer periods of time (think more than 5 years) tend to be safer investments. Owning a house for an extended period of time (more than 10 years) is even safer. Investing in the home, by maintaining or improving the property, returns that investment.
In January, the National Association of Home Builders surveyed 1500 likely November voters. It was a bipartisan effort by Public Opinion Strategies in Alexandra, VA and Lake Research Partners in Washington, DC.
According to NAHB, voters “strongly value homeownership and would oppose efforts to weaken or eliminate the mortgage interest deduction”. Voters also opposed efforts to “diminish a federal roll to help qualified home buyers obtain affordable 30-year mortgages”.
Neil Newhouse, a partner and co-founder of Public Opinion Strategies says, “The American electorate is sending a clear message that owning a home remains a cornerstone of the American Dream and preserving a federal commitment to homeownership is essential to maintain a thriving middle class and get housing and the economy back on track.”
The survey found that 96% of homeowners are happy with their decision to own a home. Eighty-four percent of homeowners who owe more on their mortgages than their home is worth also expressed the same sentiment.