Owners and renters both agree that homeownership matters
A significant majority of today’s home owners and renters agree owning a home is a smart long-term decision. According to a survey released by the National Association of Realtors, 95 percent of owners and 72 percent of renters believe over several years, it makes more sense to own a home.
The “American Attitudes About Home Ownership” survey reported a majority of homeowners and a strong percentage of renters “agree” or “strongly agree” that owning a home provides a healthy and stable environment for raising a family and that it helps them meet long-term financial goals. In addition, 93 percent of owners surveyed would purchase a home again.
“Homeownership benefits individuals and families, strengthens communities and is vital to our nation’s economy,” says ORRA Chairman of the Board Mike McGraw, McGraw Real Estate Services PL. “Home is where we make memories, build our futures and feel comfortable and secure. It is only natural people feel so strongly about homeownership.”
However, owners and renters do not agree on everything. More than half of owners reported feeling very or extremely satisfied with the overall quality of their family life. Only one-third of renters reported the same level of satisfaction. Homeowners also report higher levels of self-esteem and happiness when compared to renters.
Sixty-three percent of renters reported they are at least somewhat likely to buy a home at some point in the future. Out of that group, young adults (18-29 years old) have the strongest aspirations to own a home.
In today’s market, many aspiring home owners are faced with worries about job security and creditworthiness. Three out of five renters surveyed who said they are very or extremely likely to buy considered job security and credit worthiness to be obstacles. Also, 80 percent of renters noted that having enough money for a down payment and closing costs were also obstacles.
Support of the mortgage interest deduction (MID) was shared by an overwhelming majority of both owners and renters. Seventy-four percent of owners and 62 percent of renters say it’s very or extremely important that the MID stay in place.
“This survey demonstrates the strong public support of the MID, and that we need to keep policies in place that encourage responsible, sustainable home ownership,” McGraw said. “The ability to deduct the interest paid on a mortgage can mean significant savings at tax time and facilitates homeownership by reducing the carrying costs of owning a home. If and when altering the MID ever becomes a discussion point in Congress, the Realtor community stands ready to defend it.”
—Courtesy of ORRA