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Latest survey findings show homeowners, renters continue to aspire for homeownership

Wednesday, October 5, 2011

The latest survey by an online property website shows there continues to be a well long-term demand for housing. Despite instability in today's economy, 70 percent of Americans consider home ownership as part of achieving their American dream. In fact, 80 percent of homeowners surveyed said they plan to buy another home in the future.

Harris Interactive conducted the online American Dream survey for Trulia, a San Francisco-based online real estate website, between Aug. 30 and Sept. 1, 2011, among 2,207 U.S. adults ages 18 and over, of whom 1,392 were homeowners and 758 were renters. The survey has tracked American attitudes toward home ownership since 2008.

Fifty-seven percent of current homeowners said owning a home is among the best long-term investments they could make, before putting money in a 401K or other retirement accounts. Among 80 percent of homeowners who said they plan to buy another home in the future, 69 percent were ages 55 years old or older. Majority in the 18-34 year old age group, which has the lowest homeownership rate in the country, also said their American dream includes owning a home. 

Majority of renters likewise aspire for homeownership. Sixty-two percent of young adults between the ages of 18 and 34 said saving enough for a down payment is a major barrier to home ownership, while majority of respondents in the 35-54 age group said mortgage qualification and poor credit history have kept them from purchasing a home at this time.

Gene Lentz, president of the Silicon Valley Association of REALTORS® is optimistic about the future of housing in the region. "The survey confirms that long-term demand for housing exists. Once our economy overcomes obstacles we face today, especially on the tight lending side, we are certain the market will fully recover," said Lentz.

The survey also reflects a preference for smaller homes and living closer to employment hubs and accessible transit. Only 6 percent said their ideal home size is more than 3,200 square feet, down from 9 percent last year; 32 percent stated between 1,401 and 2,000 square feet was their ideal home size, up 17.3 percent from last year. More than half  (56 percent) in the 55 years or older group said they would prefer living near more restaurants and shops, while 57 percent of young adults (18-34 year olds) said shorter commutes would be a higher priority for them.

Trulia is in partnership with the Silicon Valley Association of REALTORS® and makes available the listings of the local trade association's members on trulia.com. The public search site may also be viewed by home buyers and sellers on www.silvar.org.

 


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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