Housing Survey: Americans from Various Demographic Groups Dream of Homeownership
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.
Related posts on loans for people with bad credit:
- Get a FHA Loan and Get Your Dream Home Get a FHA Loan and Get Your Dream Home The federal loan of the government was intended to give citizens the finances they need to get a house despite their low salary and bad credit. Banks would often deny these people‘s…...
- Decrease in Mortgage Debt of Americans Decrease in Mortgage Debt of Americans During the first quarter, home equity increased to $6.7 trillion, which is the highest level in four years. This is because homeowners have paid their principal by benefitting from the low borrowing costs to refinance…...
- Rising Mortgage Rates not a Cause for Alarm in the Housing Market Mortgage rates are increasing to its highest level but the rise is not enough to disrupt the strengthening market of U.S. homes. In February this year, a fixed rate mortgage for 30 years is estimated at 5.05%. This is the highest rate since…...
- Homes Act to Provide More Affordable Housing in California Homes Act to Provide More Affordable Housing in California The state leaders of California are discussing whether or not they should tax homebuyers to be able to provide more affordable housing for those who cannot buy or even rent a house. One-third…...
- How to Get Approved for a Bad Credit Home Loan? How to Get Approved for a Bad Credit Home Loan? Bad credit home loans are developed exclusively for individuals with poor credit score looking to purchase a house. These loans allow home ownership, in spite of his being a latecomer or an…...
Filed under: home equity loan • home loan • home loans • house loans for people with bad credit • mortgage • mortgage loans
Like this post? Subscribe to my RSS feed and get loads more!