January 20, 2012

A high percentage of U.S. homeowners still believe that it’s a smart long-term decision to own a home despite the current housing slump, according to a recent survey by the National Association of Realtors.

dollars and house

When considering a period of years, 95 percent of current homeowners and 72 percent of renters think it “makes more sense to own a home.” In fact, 93 percent of owners who participated in the survey said they would make the decision to purchase a home again.

Among renters, 63 percent are “at least somewhat likely” to buy a home in the future. Young adults between 18 and 24 years of age particularly are hoping to be homeowners someday.

In the survey, homeowners and aspiring homeowners also admitted that they have economic concerns. They consider the mortgage interest tax deduction important in encouraging homeownership and are concerned about any possible changes to the deduction.

Of the renters who are “extremely” or “very” likely to buy homes, 60 percent said they have concerns that job security and credit issues may stand in their way.

Given their concerns about today’s economy, it would be understandable if most owners and renters expressed reluctance to buy a home. But, actually, 78 percent of homeowners and 58 percent of renters think this is a good time to buy. A third of renters see themselves buying a home in the next three to five years.

This article was originally posted on January 20, 2012 and the information may no longer be current. For questions, please contact GRF CPAs & Advisors at marketing@grfcpa.com.