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Finance

Owning A Home Still Key To The American Dream

Posted: 9/21/2011

According to a recent survey, saving for a down payment and closing costs is the biggest barrier to homeownership.

(NAPSI)—Despite the ups and downs of the housing market, homeowners and nonowners alike consider owning a home essential to the American Dream.

In fact, 85 percent of voters in a recent survey are convinced we should do more to improve the housing finance system because owning a home creates a stronger community and is a valued stable investment for their children’s college education and their own retirement and well-being.

“The survey results show that Americans see beyond the immediate housing market to the enduring value of homeownership,” said National Association of Home Builders (NAHB) Chairman Bob Nielsen, a home builder from Reno, Nev. “An overwhelming 75 percent of the people who were polled said that owning a home is worth the risk of the fluctuations in the market, and 95 percent of the homeowners said they are happy with their decision to own a home.”

The survey was conducted on behalf of NAHB by Public Opinion Strategies of Alexandria, Va., and Lake Research Partners of Washington, D.C. Other survey highlights include:

• Homeownership and a retirement savings program are considered by voters to be their best investments.

•Americans believe that owning their own home is as important as being successful at their job or being able to pay for a family member’s education.

• Eighty percent of homeowners would advise a close friend or family member just starting out to buy a home.

• Saving for a down payment and closing costs is the biggest barrier to homeownership.

Celinda Lake, president of Lake Research Partners, said, “People overwhelmingly believe that owning a home is an anchor to the American Dream. It’s an anchor to your retirement, and it’s an anchor to your personal economic well-being.” Lake added, “Owning a home isn’t just a policy to people. It isn’t just a commodity. It is a core value.”

“Homeownership is worth the risk, pure and simple,” said Neil Newhouse, a partner and co-founder of Public Opinion Strategies.

“Even though the market is weak, people who don’t own say they want to buy a house. Almost three-quarters of those who do not currently own a home, 73 percent, said owning a home is one of their goals. And among younger voters, who are most likely to be in the market for a home in the next few years, the percentages are even higher.”

To learn more, visit www.nahb.org.

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