In the last decade, many homeowners approached real estate as a financial short term investment. That tide has finally turned and buyers are returning to the traditional reasons for purchasing a home.
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. According to an online survey conducted in April by Harris Interactive for Coldwell Banker®, 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.
The survey found:
- A majority of U.S. adults (79%) indicate the recession has caused society to rethink the concept of homeownership.
In fact, 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.
“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,” said Ludwig.
The survey also found homeownership is still part of the American dream and that the U.S. becoming a “rent-based” society does not appear plausible.
- 91% of Americans agreed that owning a home is part of the American Dream (93% of homeowners, and 89% of renters).
- 83% of renters said that they want to own a home someday.
Market conditions, financing, price range and inventory can all play a part in the home buying process. Look to links on the right to see some of this information for the area that most interests you.
If you want to own a home and need more detailed information, contact me today to guide you through the home buying and selling process and the benefits of homeownership.
This survey was conducted by Harris Interactive on behalf of Coldwell Banker
Real Estate. All data collection was done online within the United States from
April 23-25, 2012 among 2,177 adults ages 18 and older (1,457 homeowners and