The real estate bubble may have burst, but the American dream of home ownership is still intact. More than three-quarters of renters plan to buy a home and say home ownership is important, according to a study from real estate valuation firm Integra Realty Resources.
The study, which surveyed non-home owners ages 22 to 50 throughout 11 major US markets, found 76% of those planning to buy a home and who are over the age of 30 cited “I have always dreamed of owning my own home” as a reason to buy.
Younger renters (those under 30) are more positive about the importance of home ownership than older potential home buyers: 47% of respondents under 30 feel owning a home is very important, compared to only 41% of respondents over 30.
Unemployment and job instability weigh heavier on the minds of renters than interest rates and other factors influencing the decision to buy a home. “It’s still about employment, confidence, and the income that a good job provides, than historically low interest rates,” said IRR President Jeffrey Rogers.
The survey also asked about barriers to home ownership and found:
- 31% of respondents are not planning to buy a home due to a lack of a down payment
- 24% fear making a bad investment
- 21% said an uncertain economic outlook was keeping them from buying a home
Source: Integra Realty Resources