The How Housing Matters Survey by Hart Research Assoc. shows that although financial markets, builders and home sale data say the housing crisis is over, the American public is not ready to agree.
According to the survey, commissioned by the MacArthur Foundation, shows that 77% of the public believe we are still in the middle of the crisis or that the worst is yet to come. Of those surveyed, 65% believe that the national housing policy should be split equally between rental and ownership.
Renters vs home owners
Three in five adults think that renters can be as successful as home owners in achieving the American Dream.
Even as there are signs of life emerging in the real estate and housing sector, the American public is not quite ready to declare the housing crisis over, with 58% believing we are “still in the middle of it,” and an additional 19% believing “the worst is yet to come.” Among the percentage that believes “the worst is yet to come,” renters (25%) are slightly more pessimistic than owners (16%). There is remarkable uniformity in the belief that it is premature to celebrate the end of the housing crisis across all regions, income groups, races, and political affiliations, according to the survey results.
Telephone surveys
Hart Research Assoc. conducted telephone interviews with 1,433 adults between Feb. 27 and March 10. They also found that the overall appeal of renting versus owning is changing. 57% of all adults now believe that “buying has become less appealing,” and 54% believe that “renting has become more appealing” than it was before.
America is going through a transformational period in which the old forms and systems are changing, and the unconventional is becoming more conventional and even fashionable. A prime example of this can be seen through changing perspectives on housing. While the desire to own a home remains a bedrock principle in American life, this survey demonstrates that the American public’s views about housing are changing, in part due to the hangover from the housing crisis, but importantly, also because of changes in our lifestyles. The dynamic is no longer simply ‘renting versus owning’ – perspectives are more complex, and people are viewing housing in a more holistic way,” said Peter D. Hart of Hart Research Associates. “Many of the positive attributes that have long been associated with homeownership are fading, and on the flip side of the coin, it is remarkable that nearly half of all homeowners can picture themselves one day becoming a renter.
Becoming a homeowner is a decision that should be made logically. In many cases, in many markets, it is cheaper to buy a home than to rent one and that should be carefully considered. With low interest rates and increased home prices, now could be the ideal time to buy, but each person should make that decision themselves. Rely on a trusted advisor to look at the different options. It might be that renting is the right thing to do or it might be that buying is the right thing to do.
Find a professional
If you need the recommendation for an advisor in your area, give me a call or e-mail, I would be happy to put you together with an professional in the field.
About the author: Fred Chamberlin is a senior loan officer with Guild Mortgage Company in Oak Harbor. He has been in the mortgage origination business for over 20 years and in the lending business for over 30 and authors a number of mortgage related blogs.
Comments