Consumer Mindset: Home Owning is Better Than Renting

As someone who may have recently bought a home, or (more likely) are thinking of buying a home now, you should know that most American’s consider home buying to be a solid investment. Despite the downturn that we are in right now, it appears that most people still agree that when you purchase a home you are making a good investment decision.

According to a survey done by The National Association of Realtors®, of 3,793 home owners and renters in January 2011, both home owners and renters found the following in their “American Attitudes about Homeownership” survey.

• The vast majority of both home owners and renters say that owning a home is a smart decision over the long term. Even in today’s challenging economy, 95% of owners and 72% of renters believe that, over a period of several years, it makes more sense to own a home.

• Home owners are much more likely to be satisfied with the quality of their family and community life than renters. While more than half of owners (56%) are “very” or “extremely” satisfied with the overall quality of their family life, only about one-third (36%) of renters report the same levels of satisfaction. Also, 43% of home owners are “very” or “extremely” satisfied with their community life, compared with 30% of renters.

• An overwhelming majority of home owners are happy with their decision to own a home. A full 93% of owners surveyed would buy again.

• Most renters aspire to home ownership. The majority of renters (63%) say they are at least somewhat likely to purchase a home at some point in the future. Among them, young adults (18 to 24 years old) have the strongest aspirations for home ownership.

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