A substantial majority of both home owners and current renters agree that owning a home is a smart decision over the long term. That’s according to the results of a National Association of Realtors® survey of 3,793 adults conducted online by Harris Interactive.
The American Attitudes About Homeownership survey found that in today’s 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. In addition, an overwhelming majority of home owners are happy with their decision to own a home – 93 percent of owners surveyed would buy again.
“Home owners and renters agree that home ownership benefits individuals and families, strengthens our communities, and is integral to our nation’s economy,” said National Association of Realtors® President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “The results of this survey illustrate just how important issues related to home ownership are to people in this country.”
The survey uncovered some differences between home owners and renters, as well. While more than half of owners are “very” or “extremely” satisfied with the overall quality of their family life, only one-third of renters report the same levels of satisfaction. Similarly, 43 percent of home owners are very/extremely satisfied with their community life, compared with 30 percent of renters.
A majority of renters – 63 percent – said that it was at least somewhat likely that they would purchase a home at some point in the future. Among this group, young adults (18-29 years old) have the strongest aspirations for home ownership; only 8 percent of young adults said that it was “not at all likely” that they would purchase a home at some point in the future.
In today’s market, many aspiring home owners are faced with worries about job security and creditworthiness. Among renters who are very or extremely likely to buy a home in the future, three out of five consider confidence in job security and creditworthiness to be an obstacle.
One point of agreement between renters and home owners was support of the mortgage interest deduction (MID). Seventy-four percent of owners and 62 percent of renters say it’s “extremely” or “very” important that the MID remain in place.
“At a time when the middle class is under increasing economic pressures, both home owners and renters agree that the mortgage interest deduction should not be targeted for change,” said Phipps. “Given strong public support of and aspirations toward owning a home, we need to keep policies in place that support and encourage responsible, sustainable home ownership for our future.”
http://www.realtor.org/press_room/news_releases/2011/01/owning_home
Building wealth. Buying low/ selling high. Equity income. Tax deductions. Positive cash flow. Interest deduction. Let’s even throw appreciation in there because, well, we will see it again. I have posted on here numerous times about the benefits of buying rental or investment property. These deals are real, affordable, and available now. The deals I speak of: buying a duplex and renting out one side. Purchasing a townhome that cash flows with little maintenance. Snatching up a single family home, that with a little TLC that turns into a nice income producer. Buying property close to college for your children and others to rent while attending. These deals are real and happening and you don’t have to be Trump to get in on it. I would decline to self promote if it weren’t true, easy and if I weren’t helping people do it. Disclosure on the self promotion, I’m not creating the environment or the potential, it’s there. It’s the buyers that are smiling and making agreat deal, I am just having fun counseling, coaching, and helping them achieve it.
