Most Americans Still Believe in Homeownership
While 80 percent of Americans still believe buying a home is a good financial decision, concerns about job security remain a barrier to homeownership for many potential buyers, according to NAR’s 2010 National Housing Pulse Survey. Seven out of 10 Americans say job layoffs and unemployment are big problems in their local area, and eight out of 10 believe these issues are a barrier to homeownership.
More than two-thirds of respondents (68 percent) believe now is a good time to buy a home, down from 75 percent a year ago, but up from 66 percent in 2008 and 59 percent in 2007. Respondents say the biggest obstacles to homeownership are having enough money for a down payment and closing costs (79 percent) and lack of confidence in getting approved for a mortgage loan (73 percent).
Renters are warming up to the idea of homeownership, however. More than one-fourth of renters say they are thinking more about buying a home than they did a year ago. Nearly two-thirds (63 percent) say homeownership is a priority in the future, and nearly 40 percent say it is one of their highest priorities.