Earlier this week Fannie Mae released their 2nd quarter National Housing Survey results. You may remember from the 1st quarter that the results were very much in favor of homeownership. The survey results are based on a vast range of Americans and their responses regarding the current housing market.
When asked if right now is a good time to buy, 69% of the respondents answered “yes”. This number has increased during the last two quarter’s surveys. An almost equal amount of 65% said that they believe homeownership is a safe investment (67% for current homeowners).
While buying a home is absolutely in part a financial decision, there is also a lot more to it. The top four reasons, according to the survey, that people buy homes aren’t actually financial ones. Here is what people said:
“It means having a good place to raise children and provide them with a good education”
“You have a physical structure where you and your family feel safe”
“It allows you to have more space for your family”
“It gives you control of what you do with your living space (renovations and updates)”
Despite the current economic times, this quarterly survey has proved since the beginning of 2011 that homeownership is about more than affordability. Owning a home means having a space of your own to do what you want with and having the feeling of safety. Owning a home can also be more inexpensive than renting in some cases. A 1,000 square foot apartment can rent for $950, meanwhile homes of similar size can have a mortgage payment equal or less to that.