In an effort to bring more good news to San Diego property, and help bring others off the fence, I want to si-si-highlight a new study recently released by Fannie Mae. It finds that the majority of Americans, including those that currently own and those who are renting, do indeed aspire to be home owners.
However, recent trends such as people marrying at a later age and having less children is allowing people to feel comfortable with renting for a longer period of time. It also causes people to have fewer home purchases over their lifetime. Nevertheless, the value of homeownership is not lost on Americans.
The Fannie Mae 2010 Own-Rent Analysis is based on extensive primary research with property owners and renters. The study aims to explores the aspects influencing consumers’ decisions to buy or rent a home.According to the study, 51% of current owners and renters say that the housing crisis has not affected their overall willingness to purchase a home. Considering what happened here locally in San Diego and across the country, that is very encouraging. Nevertheless, even though homeownership aspirations are high for the long-term, Americans have near-term doubts about purchasing. Overall, according to Fannie Mae’s National Housing Survey third quarter results, 33% one-third of American would be more likely to rent their next home than acquire, up from 30% in January 2010. Among renters, 59% said they will rent again when they make their next move, compared to 54% in January 2010.
The Fannie Mae National Housing Survey is an ongoing investigation that surveys Americans’ attitudes about housing on a monthly basis. The most recent installment of this survey, released in November, showed that aspirations toward homeownership remain strong-well in excess of current homeownership rates-but decisions to buy are tempered by current consumers’ cautious attitudes toward investing in real estate within the present economic environment. However, it is worth stressing that these are short term hesitations. In the long term, Americans still value home ownership as a key component of the American dream. I am not on to typically reference such a cheesy cliche, but it applies perfectly in this case.