Housing Crisis Didn’t Scare Americans Off Home Ownership

Seventy-five percent of Americans still aspire to own a home and consider home ownership a major life goal, according to a new poll of non-home owners aged 22 to 50 conducted by Integra Realty Resources, an independent real estate valuation firm. Despite a housing crisis that saw housing prices drop in many markets, Americans’ enthusiasm for home ownership hasn’t lessened, according to the study. The survey found that non-home owners under the age of 30 are even more positive about home ownership than older buyers: Forty-seven percent of respondents under 30 say owning a home is very important, compared to 41 percent of respondents over the age of 30. While the desire to own remains high, many Americans say they are left on the sidelines unable to take advantage of record-low mortgage rates and record-high housing affordability. Younger generations, in particular, say they face increased job insecurity and are struggling to come up with the financing needed to buy a home. Thirty-one percent of all respondents to the survey said they can’t buy a home because they lack a down payment, 24 percent say they are holding off because they fear making a bad investment, and 21 percent say they aren’t buying because of the uncertain economic outlook. Yet, “clearly, the American dream of home ownership lives on," says Jeffrey Rogers, president of IRR. "But if you go deeper into the research, this may be only in a fantasy not to be realized in the current economy." Source: “The Great American Dream of Owning a Home Is Still Alive and Well,” Business Wire (June 6, 2012)