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 home owners 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.
"Home ownership benefits individuals and families, strengthens communities and is vital to our nation's economy," said Gene Lentz, president of the Silicon Valley Association of REALTORS®. "Home is where we make memories, build our futures and feel comfortable and secure. It is only natural people feel so strongly about home ownership."
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. According to the Silicon Valley Association of REALTORS®, home owners 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.
SILVARsays 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 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," said Lentz, a REALTOR® with Red Hawk Real Estate in Menlo Park. "The ability to deduct the interest paid on a mortgage can mean significant savings at tax time and facilitates home ownership by reducing the carrying costs of owning a home."
This survey was conducted online within the U.S. and fielded October 6-20, 2010. A total of 3,793 adults, 18 and older were surveyed, including 1,880 home owners, 1,115 renters, and 798 young adults. All samples came from the Harris Poll online database and were weighted for age, sex, race/ethnicity, education, region and household income to be representative of the U.S. general population of adults 18 and older. Propensity score weighting was also used to adjust for respondents' propensity to be online.
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 email or call the SILVAR office at (408) 200-0100.