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Homeownership still a top priority, even among renters

Wednesday, July 31, 2013

Homeownership continues to be a top priority among Americans, including a majority of renters, according to a survey by the National Association of REALTORS®. The 2013 National Housing Pulse Survey also found most people are upbeat about the housing market and the economy.

The survey, which measures consumers' attitudes and concerns about housing opportunities, found eight in 10 Americans believe buying a home is a good financial decision. More than two-thirds (68 percent) said now is a good time to buy a home.

Since the last survey, which was conducted in 2011, more renters are thinking about purchasing a home, up from 25 percent to 36 percent. Those who say they prefer to rent fell from 31 percent in the 2011 survey to 25 percent this year. Half of renters say eventually owning a home is one of their highest personal priorities, up from 42 percent to 51 percent.    

Respondents expressed less concern about a drop in home values compared to a couple of years ago. Nearly four in 10 Americans (38 percent) identified an increase in activity within their local housing market in the past year, compared to just 22 percent who reported a slowdown in activity. By contrast, in 2011 some 51 percent reported a slowdown in activity.

Americans also have a more positive outlook of the economy. Just under half (48 percent) said job layoffs and unemployment are a big problem, down from 61 percent in 2011.

When asked why homeownership is important, respondents mentioned basic American values and freedoms; building equity; wanting a stable and safe environment; and the freedom to choose where to live. These reasons were unchanged from the 2011 survey.

"The American dream of homeownership is alive and well. Americans realize homeownership is an investment in their future, not only financially due to building equity and the tax benefits over time, but in ways that cannot be measured in dollars and cents," said Carolyn Miller, president of the Silicon Valley Association of REALTORS®. "They want a place of their own to raise a family, build memories, and be part of a larger community. Communities have thrived nationwide because of responsible homeownership."
 Miller added, "REALTORS® are a valuable source of information about costs associated with buying and owning a home and can help consumers navigate the increasingly complex buying process."

The 2013 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR's Housing Opportunity Program, which aims to position, educate and help REALTORS® promote housing opportunities in their community, in both the rental and homeownership sectors of the market. The telephone survey polled 2,000 adults nationwide and has a margin of error of plus or minus 2.2 percentage points.


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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