Homeownership alive and kicking in the us

Photo credit: Cyndie

Homeownership is alive and kicking in the US, with the majority of Americans thinking now is a good time to buy a home.

7 in 10 of respondents to a survey by the National Association of Realtors aid that now is a good times to purchase a property. Crucially, 8 in 10 believe that doing so is a good financial decision, with most believing they could sell their home for at least its initial purchase price - a significant improvement upon the sentiments recorded in 2013.

When asked for reasons about why homeownership matters to them, respondents' answers did not Change significantly from past years: building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top three reasons to own a home.

"Homeownership is part of the American Dream, and this survey proves that dream is alive and thriving in our communities," says NAR President Chris Polychron.

Indeed, the number of renters who are now thinking about purchasing a home has increased since the last survey in 2013, up from 36 per cent to 39 per cent. Over half (61 per cent) of renters said that owning a home is a priority for their future.

The figures mark an ongoing positive trend among Americans, with 49 per cent of respondents indicating that they feel activity in the housing market has increased in the past year, compared to 44 per cent in 2013 and 12 per cent in 2011. Concern about foreclosures has also declined, with only 15 per cent of respondents indicating that foreclosure is a major concern.

The market's improvement, and the economy's recovery, though, have both contributed to a rise in house price. As a result, concern about the cost of housing has increased: two-thirds of survey participants said that home prices are more expensive than they were a year ago. There is additional concern over the lack of available housing; 41 per cent said the lack of affordable homes is either a very big or fairly big problem in their area, an increase of 9 per cent points from 2013.