Home ownership: Is it really important to us?
• 96 percent of homeowners are happy with their decision to own and even 84 percent who are “underwater,” or owe more on their mortgages than their home is worth, expressed the same sentiment.
• 79 percent of home owners would advise a family member or close friend just starting out to buy a home, and 69 percent of those who are underwater on their mortgage would offer the same advice.
• 74 percent said that despite the ups and downs in the housing market, owning a home is the best long-term investment they can make.
• Home ownership and a retirement savings program are considered to be their best long-term investments.
• 78 percent of respondents said that owning their own home is very important to them.
• Nearly seven out of 10 who are not currently home owners (68 percent) said it was a goal of theirs to buy a home.
• Job uncertainty and saving for a downpayment and closing costs are the biggest barriers to buying a home
You might be thinking there’s no great surprise in that. Generally Australian home prices have slipped a little over the past year but are overall fairly solid. We should still be feeling good about owning a home.
But what if we told you this the survey was conducted this month in the USA? In a market where home prices have reportedly dropped by a third (down 33% since their 2006 peak) – more than their prices fell during the Great Depression. In that context it’s a remarkable survey.
American or Australian, we love to own our own home.