Despite daily doses of apocalyptic news and forecasts, two prominent surveys on housing cut through the fog and show that even in a down market, housing remains a mainstay of the American Dream.
The two surveys, one by Fannie Mae and the other by real estate website Trulia, asked thousands of respondents a variety of questions on the housing market and came to similarly optimistic conclusions.
Fannie Mae’s survey, the latest in the lender’s recently formulated Monthly National Housing Survey, found that 69 percent of Americans believe it is a good time to buy a home. Additionally, 62 percent said that if they moved within the next year, they would buy a home rather than rent.
Trulia’s survey was even more ecstatic in its findings. 70 percent of respondents said that homeownership remains a cornerstone of the American way, even in these turbulent economic times. Interestingly, age was not a huge factor in respondents answers; members of both the Millennial generation (ages 18-34) and Generation X (ages 35-44) were at 65 and 66 percent for homeownership.
The survey also showed opinions of current homeowners: 57 percent thought their homes were the finest investment around (even beyond gold), and 80 percent said they intended on buying another home in the future; and this with home prices skidding along on a sideways path the last year!
Nobody denies that today’s market is tough, and that it may very well remain that way for the next two years. But at least the promise behind homeownership has remained intact, and that is a positive sign.