It’s not what you know about home ownership that makes you want to own a home, but rather how you value it. Or so says a new study from Fannie Mae that concludes having a personal experience like being unable to pay a mortgage, thinking home values will fall in the future, or being underwater on a home loan don’t play a big part in renters wanting to be home owners.

The key drivers pushing renters toward home ownership are attitudes and beliefs. Those who believe “owning makes more sense financially over the long term” do indeed go on to buy homes.

Things that are much less important factors for renters:

  • The perceived ease of getting a mortgage
  • Knowing someone who defaulted on a mortgage
  • The belief that home values will rise or fall
  • The desire to have a good place to raise and educate children
  • Safety
  • More space and control over your living environment

The study suggests Americans’ desire to own homes is strong, even when the housing market undergoes dramatic challenges.

“Our study shows that the negative housing events of the past few years have not discouraged
people from wanting to own a home,” the study authors wrote. “Exposure to mortgage default, perceived home value appreciation/depreciation, and self-reported underwater status are not significant factors in the models predicting individuals’ intentions to own a home for their next move.”

Source: Fannie Mae