Housing Survey: Americans from Various Demographic Groups Dream of Homeownership

According to Fannie Mae, majority of Americans are still hoping that in the near future they can live in their own homes. The National Housing Survey’s latest quarterly report shows that many Americans from different demographic groups still believes that homeownership is better than renting it. They are optimistic that the economic growth will create more jobs, lower interest rates and stabilize house prizes thus enabling them to purchase a house in the future.

The main factors that motivate renters to own a house is the quality and safety of local schools. For most African-Americans and Hispanics homeownership symbolizes success. But they have observed that what makes it difficult to obtain a mortgage are poor credit, complicated process involved, and economic crisis. Another observation that they have is that African-Americans and Hispanics could not get mortgage easily regardless of their income level.

Other factors that play important role in getting a house mortgage are educational level, income stability and credit history. Groups with higher educational levels are more likely to obtain a mortgage compared to those who completed lower levels.

Many Americans are saying that due to lack of home loan information, they lose confidence in owning a home in the future. Because of this negative behavior, the homeownership rate has decreased over the last several years. In addition, the belief that safety is the primary reason why many are longing to have their own homes has dropped to 63% in the last three months of 2011. On the contrary, those with educational attainment and more than sufficient income believe that buying a house is a good and safe investment.

The National Housing Survey, in the last quarter of 2011, conducted interviews among 3,000 Americans. The interview was focused on the Americans attitudes between owning and renting a home, belief on owning a home as a safe investment, financial capacity to purchase a home, assessment on the U.S. support on housing programs and on the overall outlook on the economy. The survey was done by Penn Schoen Berland and Fannie Mae’s combined effort.

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