real estate brief

survey

NAR survey shows Americans believe in homeownership

According to a National Association of Realtors survey of 3,793 adults conducted by Harris Interactive and released in January, homeowners and renters agree that homeownership benefits individuals and families, strengthens communities and is integral to the nation's economy.

The NAR's "American Attitudes About Homeownership" survey include the following findings.

The vast majority of homeowners and renters say that owning a home is a smart decision over the long term. Even in a challenging economy, 95 percent of owners and 72 percent of renters believe that over a period of several years, it makes more sense to own a home.

Homeowners 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 percent) are very or extremely satisfied with the overall quality of their family life, only about one-third (36 percent) of renters report the same levels of satisfaction. Also, 43 percent of homeowners are very or extremely satisfied with their community life compared with 30 percent of renters.

An overwhelming majority of homeowners are happy with their decision to own a home. A full 93 percent of owners surveyed would buy again.

Most renters aspire to homeownership. The majority of renters (63 percent) 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 homeownership.

The survey also confirmed that homeowners and renters continue to have concerns about the economy.

In today's market, many aspiring homeowners 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.

Homeowners and renters believe that the mortgage interest deduction should not be targeted for change. 74 percent of owners and 62 percent of renters say it's extremely or very important that the MID remain in place.

NAR is America's largest trade association representing 1.2 million members and is involved in all aspects of the residential and commercial real estate industries. For more information, visit www.realtor.org.