The latest National Housing Survey from Fannie Mae shows that “Americans of all backgrounds continue to have strong aspirations to own a home” and that most people think that yes, it’s a good time to buy… and a bad time to sell.
About 68% of the people surveyed said it was a “very good time” or “somewhat good time” to buy (evenly split between the two, in case you’re interested).
The most enthusiastic? Gen-Xers (76% think it’s a good time to buy) and Gen-Yers (71%). And the more educated you are, the more likely you are to agree as well.
When owners were asked whether homeownership has “been very positive for you and your family,” 94% said it has, including 72% who rated homeownership as “very positive.” And renters? Only 81% rated it positive (and most of those said it was only “somewhat positive”).
More good news: 64% said that, if they were going to move, they’d be more likely to buy than rent.
Why own? Here’s what topped the major reasons:
- “It means having a good place to raise children and provide them with a good education” (80% said it was a major reason)
- “You have a physical structure where you and your family feel safe” (79%)
- “It allows you to have more space for your family” (74%)
- “It gives you control over what you do with your living space” (70%)
- “Paying rent is not a good investment” (61%)
Important, but not nearly as important:
- “Build[ing] up wealth that can be passed along to my family” (56%)
- “It is a good retirement investment” (53%)
- “It allows you to select a community where people share your values” (53%)
Finally, not that major a reason to own: tax benefits, the ability to borrow against it, and “It motivates you to become a better citizen.”
Something to keep in mind when you’re marketing, huh?