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Owning a Home is Still the American Dream
In the last decade, many approached real estate as a financial short term investment. That tide has finally turned and many 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 that:
- A majority of U.S. adults (79 percent) indicate the recession has caused society to rethink the concept of homeownership.
- In fact, 84 percent of U.S. adults agree more people took owning a home for granted before the recession, and nearly three-quarters (72 percent) said they feel like Americans have a greater respect for it now than they did before the recession.
- Seventy-five (75) percent 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 Dr. Robi Ludwig.
The survey also found homeownership is still part of the American dream and that the United States becoming a “rent-based” society does not appear plausible:
- Ninety-one (91) percent of Americans agreed that owning a home is part of the American Dream (93 percent of homeowners, and 89 percent of renters).
- Eighty-three (83) percent 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 the attached graph 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, please feel free to contact a Coldwell Banker Residential Brokerage sales professional. A Coldwell Banker Residential Brokerage sales professional can explain the home buying and selling process, the benefits of homeownership, and can guide you through each step.
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 666 renters).