The highest number of Americans since 2007 believes purchasing a home now is a good financial decision. Eighty four percent of Americans believe now is a smart time to buy a home, according to the National Association of Realtors®’ 2017 National Housing Pulse Survey.
Eighty percent cite building equity in a home as the number one financial reason to buy a home, versus spending money on rent. The second top financial reason was paying off a mortgage and owning the home by retirement, and the third top financial reason cited was that homeownership is an investment opportunity that allows homeowners to build long-term wealth and to increase their net worth.
Additionally, over 50 percent strongly agree that homeownership “helps build safe and secure neighborhoods and provides a stable and safe environment for children and family members.”
However, there were concerns about the cost of homeownership, with sixty percent expressing this concern in regards to their areas and forty percent saying that paying rent or mortgage was a strain on their budget.
“Despite the growing concern over affordable housing, this survey makes it clear that a strong majority still believe in homeownership and aspire to own a home of their own. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top reasons to own a home,” said NAR president William E. Brown.
Read more on the survey, which measured consumer attitudes about housing issues in the 25 largest metropolitan areas in the U.S.