After the harrowing challenges experienced by so many homeowners over the last few years, many housing experts had predicted that the belief in homeownership as a major element of the American Dream would soon die. There is now conclusive evidence that these experts were wrong. As we reported back in September, The Joint Center of Housing Studies at Harvard University completed a study which concluded:
“The long term cultural preference for owning seems to have weathered the recent housing crisis.”
Now, a second source recently announced similar results. Fannie Mae just released their National Housing Survey of Delinquent Mortgage Borrowers. The survey asked questions about the value of homeownership to the most sensitive of all groups – those delinquent on their mortgages. Here is what they found:
Of those delinquent borrowers:
- 74% still see homeownership as better than renting when building up wealth
- 71% still see homeownership as better than renting when saving for retirement
- 73% still see homeownership as better than renting for overall financial stability
- 80% still see homeownership as better than renting as an investment plan
- 70% still see homeownership as better than renting for creating an overall tax strategy
Homeownership has always been and will always be a crucial piece of the American Dream.
Are you interested in The American Dream? Give us a call, email or text, we would love to help you fullfill your dream!
-Steve and Sandra
Check out these useful links:
Our Preferred Lenders
There is a plethora of opinions voiced by real estate gurus as to why the dream of home ownership is so important to most Americans. However, study after study reveals the same five reasons families decide to buy a home. They…
- Want a good place to raise children
- Want a place where their family feels safe
- Want more living space
- Want control of that living space
- Realize that owning makes better financial sense than does renting
(For those who question the validity of number five after the recent housing crisis, Harvard University just finished a study on the issue)
If you are considering purchasing a home, look at the five reasons mentioned above. If any of them apply to you and your family, perhaps it is time for you to take the plunge. With both prices and interest rates rising, waiting will only increase your monthly cost as we move forward.
If you are considering a home purchase before home prices and interest rates rise, give us a call or text, we are ready to get to work for you.
Check out this Infographic for the latest Gallup Data on Homeownership.
If you are considering home ownership, give us a call, we love to work with first-time home buyers. Getting from renting to owning may be easier than you think!
Steve Hill and Sandra Brenner
Windermere Real Estate Seattle NW