Americans prefer owning to renting

As someone who may have recently bought a home or (more likely) are thinking of buying a home now, you should know that most American’s consider home buying to be a solid investment.

Despite the downturn that we are in right now, it appears that most people still agree that when you purchase a home you are making a good investment decision.  According to a survey done by The National Association of Realtors of 3,793 home owners and renters in January 2011, both home owners and renters found the following in their “American Attitudes about Homeownership” survey…

  • The vast majority of both home owners and renters say that owning a home is a smart decision over the long term. Even in today’s challenging economy, 95% of owners and 72% of renters believe that over a period of several years, it makes more sense to own a home.
  • Home owners are much more likely to be satisfied with the quality of their family and community life than renters. While more than half of owners (56%) are “very” or “extremely” satisfied with the overall quality of their family life, only about one-third (36%) of renters report the same levels of satisfaction. Also, 43% of home owners are “very” or “extremely” satisfied with their community life, compared with 30% of renters.
  • An overwhelming majority of home owners are happy with their decision to own a home. A full 93% of owners surveyed would buy again.
  • Most renters aspire to home ownership. The majority of renters (63%) say they are at least somewhat likely to purchase a home at some point in the future. Among them, young adults (18- to 24-years-old) have the strongest aspirations for home ownership.
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