70% Of Renters Think Owning Makes More Sense

14 04 2012

Fannie Mae’s latest quarterly National Housing Survey focuses on the homeownership aspirations of Americans. Despite the recent housing crisis, most Americans continue to believe that homeownership is better than renting. Here are some of the Survey findings:

  • Across all education levels, Americans say owning makes more sense than renting.
  • Nearly two-thirds of current renters say that they will buy a house at some point in the future.
  • Non-financial factors, such as safety and quality of local schools, continue to be the top reasons for buying a home across all income groups.
  • African-Americans and Hispanics are more likely to cite various benefits to homeownership, such as buying a home as a way to build wealth, as a symbol of success and civic benefits.
  • Renters are more likely than mortgage borrowers to think it would be difficult for them to get a home, and say financial reasons are the major reason they have not bought a home.
  • African-Americans and Hispanics are more likely to indicate that getting a mortgage is difficult, regardless of income level. They are also more likely to cite bad economic times and the complexity of the mortgage process as major reasons not to buy a home.
  • Groups with lower levels of education are more likely to say it would be difficult for them to get a mortgage than groups with higher levels of education.
  • Hispanics are less confident than other groups about receiving information they need to choose the right mortgage.
  • Groups with higher levels of education and higher incomes are more likely to think buying a home is a safe investment.

Source: Fannie Mae

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