Owning A Home Still The Best Investment
The results of a recent survey, conducted by the Pew Research Center on the benefits of owning a home, were unexpected due to the downturn in the housing market. 81% of the 2,142 respondents still believe that owning a home is the best long-term investment a person can make.
“Home ownership topped the list of long-term financial goals for Americans, according to the study; respondents rated home ownership, as well as living comfortably in retirement, more important than sending children to college or leaving offspring an inheritance.”
“The study results are surprising in that so many households still believe that home ownership is a good investment, even after the plunge in home values that has occurred over the past couple of years,” said Celia Chen, a housing economist for Moody’s Economy.com. “The preference for home ownership has deep roots in the history of this nation, and apparently even a severe correction in house prices can shake American’s belief in home ownership only slightly.”
- 24% of renters surveyed said they rent out of choice and 81% said they would like to buy
- 47%, of homeowners said their property is now worth less than when the recession began
- 31% said the value of their home has not improved
- 17% said their home is worth more than before the recession
- 82% of homeowners who indicated their home is worth less than before the recession said homeownership is the best long-term investment a person can make
Source: Alejandro Lazo, Los Angeles Times
Filed under: Real Estate
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