Homes Still Seen as Good Investment

By:: Kara Johnson | June 10, 2011

The vast majority of U.S. homeowners say they are happy with their decision to own a home, despite the sharp decreases in property values in recent years that have eroded much of the value of their investment.

Ninety-five percent of American homeowners who are likely voters describe themselves as happy with their decision to buy a home, according to a new survey commissioned by the National Association of Home Builders (NAHB), with 83 percent describing themselves as very happy with their choice.

Even among underwater homeowners, a vast majority remain pleased with their decision, with 83 percent of those who owe more on their mortgage than the property is worth describing themselves as happy with their decision to own a home.

The survey, which focused on the attitudes of likely voters toward home ownership, found that substantial majorities still regard home ownership as a sound financial choice, despite recent and potential fluctuations in price.

Seventy-five percent of likely voters said they agreed that owning a home is the best long-term investment they can make, despite the fluctuations of the market, while 80 percent of current homeowners said they would advise a friend or family member just starting out to buy a home as a way to build long-term assets.

“Even though the market is weak, people who don't own say they want to buy a house,” said Neil Newhouse, a partner with Public Opinion Strategies, one of two firms hired to conduct the survey. “Almost three-quarters of those who do not currently own a home, 73 percent, said owning a home is one of their goals. And among younger voters who are most likely to be in the market for a home in the next few years, the percentages are even higher.”

Three-quarters of non-homeowners in the survey said that owning a home is a goal of theirs. That figure is even higher among younger people, with 92 percent in the 25-34 year-old group saying they seek to own a home. That figure declined with age, with only 21 percent of nonhomeowners age 65 and above saying they sought to own a home.

Overall, respondents said that saving up for a down payment was the biggest obstacle to homeownership, followed by job uncertainty, credit score, inability to get a loan and personal debt, in that order.

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