And the survey says ...
Americans prefer homeownership!
A new national survey gauging attitudes toward housing finds 2/3 of Americans (65%) still prefer owning a home, despite the challenging economic environment and the housing downturn. The Fannie Mae National Housing Survey, conducted between December 2009 and January 2010, polled homeowners and renters to assess their confidence in homeownership as an investment, the current state of their household finances, views on the U.S. housing finance system, and overall confidence in the economy.
Being More Careful!
The survey did reveal that homeowners and renters alike are taking a more cautious approach to homeownership. Nearly a quarter of renters polled (23%) said they will buy a home later than once planned. In addition, Americans with traditional, fixed-rate mortgages with predictable payments are significantly more satisfied than those with other types of mortgages.
Why Do We Want To Own? Getting Rich Quick Days Are Over!
Respondents cited non-financial reasons such as safety (43%) and quality of local schools (33%) as driving factors in wanting to own a home, ahead of financial considerations.
Should You Walk Away If You Can't Make Your Payments?
Most respondents (88%) believe that walking away from an underwater mortgage is NOT acceptable, but those who know someone who has defaulted are more than twice as likely to have seriously considered stopping payments on their mortgage.
How about you? Would you rather own or rent, and why? And how do you feel about walking away from a mortgage you can no longer afford?
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