We can all agree that the American Dream of homeownership is a sentiment that Americans have held for generations. It is to no surprise that the vast majority of people see owning a home as the best way to invest their money. Yet, affordability concerns continue to loom in consumer’s minds as home prices steadily rise.
NAR took the pulse of these consumer sentiments in the recent National Housing Pulse Survey. The survey measured consumers’ attitudes and concerns about housing issues in the nation’s 25 largest metropolitan statistical areas and found that 84 percent of Americans now believe that purchasing a home is a good financial decision – the highest number since 2007. Yet six in 10 said that they are concerned about affordability and the rising cost of buying a home or renting in their area.
The survey goes further and shows clear demographic divides over affordability concerns in the U.S. According to the survey, more than five out of 10 unmarried and non-white Americans view the lack of available affordable housing as a big problem, compared to only 40 percent of married and white Americans.
Below are some other key figures from the survey.
- Eight out of 10 believe that the most important financial reason to own a home is that the money spent on housing goes towards building equity rather than to a property owner.
- There is also greater concern about affordable housing among the working class (65 percent) than for public servants such as teachers, firefighters or police (55 percent).
- Family and friends, REALTORS®, and banks top list of trusted sources when it comes to buying a home or property.