Homeownership Still an American Dream

June 8, 2011 (Brian Michael)

Homeownership continues to be the anchor of the American Dream according to a recent poll conducted on behalf of the National Association of Home Builders (NAHB). In a national survey of 2,000 voters, 75 percent of the respondents said that owning a home is worth the risk of fluctuations in the market.

"The survey results show that Americans see beyond the immediate housing market to the enduring value of homeownership," said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev.

Among those who are not currently homeowners, 73 percent said that owning a home was one of their goals and among younger voters, the poll showed an even higher percentage.

And despite the ups and downs in the current housing market, 95 percent of current homeowners said they were happy with their decision to own a home.

Eighty percent of the respondents said they would advise a close friend or family member who was just starting out to buy a home.

The poll also found that homeownership and a retirement savings programs were considered to be the best investments, but that saving for a down payment and closing costs was the biggest barrier to owning a home.

Americans rank owning their own home is as important as being successful at their job or being able to pay for a family member's education.

"Owning a home isn't just a policy to people," said Celinda Lake, president of Lake Research Partners. "It isn't just a commodity to people. It is a core value."

Tags: homeownership, American Dream, NAHB,housing market, down payment, retirement savings, closing costs

Source:
NAHB