According to Fannie Mae's latest Housing Survey, 80 percent of those polled believe that homeownership is important to the economy and two-thirds of Americans want to own their own home.
And The Housing Survey Says...In a press release posted on Fannie Mae's website along with the survey, Mike Williams, Fannie Mae's President and CEO said:
"Despite the recent downturn in the housing sector, Americans continue to value homeownership and think about their homes in ways that go much deeper than the financial investment. The public also strongly believes in the importance of upholding the financial commitment involved in buying and owning a home, even during these challenging times when home values have fallen."Other survey highlights include:
- 64 percent of respondents said now is a good time to buy a house and 31 percent said now is a very good time to buy;
- 70 percent said homes continue to be one of the safest investments one can make;
- 65 percent prefer owning a home to renting one. (Is being a renter so bad? Apparently homeowners think so, while the survey found that 79 percent of renters are perfectly happy renting.)
- 90 percent of respondents are satisfied with the terms of their mortgage, but Americans with 30-year fixed-rate mortgages are more satisfied than homeowners with other types of mortgages. (I know I'm very happy with my 15-year fixed-rate loan at 4.25 percent.)
- 60 percent of respondents (renters and homeowners) believe it is harder for them to get a mortgage today than it was for their parents.
- 68 percent believe it will be harder for their children to get a mortgage and buy a home than it is for them. (Which is bad news for all those Gen-Ys out there.)
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Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and the upcoming Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com.