The Future of Home Ownership

Many questions have circulated about the future of housing and whether the concept of homeownership will forever be changed in the United States. Well-known psychotherapist, Dr. Robi Ludwig partnered with Coldwell Banker Real Estate to explore the feelings Americans have on the value of the home and homeownership now, compared to before the economic downturn. An online survey conducted in April by Harris Interactive among more than 2,100 U.S. adults aged 18 and older found a clear consensus: the economic downturn has had a distinct effect on the way people view homeownership, but owning a home is still the foundation of the American Dream. 

According to Dr. Ludwig “This survey shows we are re-thinking what passed for conventional wisdom during the ‘boom years’. Instead of taking things for granted, people are protective of their jobs, homes and futures,” she explains. “Instead of looking at homes through the eyes of an economist, we’re realizing that a home doesn’t solely equate to financial return or measure only to a mortgage amount. Instead the home is the emotional center of our lives, and it remains a critical component of who we are.”

Here are some of the survey results:

84% of U.S. adults agree more people took owning a home for granted before the recession, and nearly three-quarters (72%) said they feel like Americans have a greater respect for it now than they did before the recession.

75% of U.S. adults agree that due to changes in the housing market and/or economy there has been an overemphasis on the financial value of a home rather than the emotional value of a home.

86%of Americans agreed that people are more closely evaluating how much home they can truly afford now, compared to before the recession.

91% of Americans agreed that owning a home is part of the American Dream (93% homeowners, and 89% of renters).

83% of renters said that they want to own a home someday.
94% of homeowners agreed that they are glad they own a home.

The survey found 95% of parents / legal guardians agreed that it is important for their children to own a home someday; and 74% feel it’s absolutely essential / very important.

78% said that owning a home is one of their greatest achievements, and 85% of U.S. adults (which includes both homeowners and renters) agreed that they always dreamed of owning a home.

71% of U.S. adults agree that their home is a reflection of their identity, with homeowners being significantly more likely to agree with this statement than renters (74%t, compared to 67% of renters).

Source: RISmedia