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Survey: Americans Still Optimistic About Housing

A sluggish real estate market hasn’t shaken the confidence of the public in how it views home ownership, according to a new study by the Pew Research Center. Eight in 10 adults (or 81 percent) say owning a home is the best long-term investment a person can make, according to the Pew study of about 2,000 adults conducted in March. “Home owners are not blind to what has happened to home prices, nor are they expecting a speedy recovery,” according to the Pew study. In fact, of the home owners surveyed, about half said their home is worth less now than before the recession, while 31 percent said their home’s value has stayed the same. Nevertheless, 82 percent of home owners who say their home is worth less now than before the recession either strongly or somewhat agree that home ownership is the best long-term investment a person can make, according to the survey. The value of home ownership even continues to emerge on top when home owners were surveyed and asked to rate the importance of four long-term financial goals. Home ownership and "being able to live comfortably in retirement" rated the highest--viewed as either extremely or very important by 80 percent of respondents. Yet, their optimism about home ownership doesn’t mean they're completely happy with their current home. Nearly a quarter of all home owners surveyed said that if they had it to do all over again, they would not buy their current home. Most of the “buyer’s remorse” complaints were about the home itself or its location. Only 31 percent of those surveyed cited financial factors, such as the home losing value or their own changing financial situation. Source: “Home Sweet Home. Still.” Pew Research Center (April 12, 2011)

Owners Spending Less on Housing

The percentage home owners with mortgages who spent 30 percent or more of their household income on housing, including mortgage payments, taxes, insurance, and utilities, was 37.6 percent in 2009, almost unchanged from 2008. At the same time, the median home price dropped about 6 percent, according to data from the U.S. Census Bureau. Renters weren’t so lucky. The number of renters spending 30 percent or more of their household income on housing-related costs rose to 51.5 percent of all renters in 2009, rising from 50 percent in 2008, according to the Census. Two factors affected housing affordability:
  • Median household income, adjusted for inflation, fell 2.9 percent in 2009 as unemployment rose.
  • Median monthly housing costs, including rent and utilities, rose 3 percent in 2009 from $818 to $842.
Source: USA Today (09/29/2010)

Home Owners Still Love Their Houses

Despite declining home prices, 90 percent of Americans don’t regret buying their current home, according to a survey for Bankrate.com. Among the 9 percent who do regret the purchase, most say they are unhappy that they can’t sell their home and move elsewhere or they can’t afford their monthly mortgage. Some 79 percent of those polled say they have a fixed-rate mortgage on their homes. Among those making over $75,000 per year, 90 percent say they have a fixed rate mortgage. Source: Bankrate.com (07/12/2010)

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