NEW YORK – April 13, 2011 – A sluggish real estate market hasn’t shaken the confidence of the public in how it views homeownership, according to a new study by the Pew Research Center. Eight in 10 adults (or 81 percent) say owning a home is the best long-term investment a person can make, according to the Pew study of about 2,000 adults conducted in March.
“Homeowners are not blind to what has happened to home prices, nor are they expecting a speedy recovery,” the Pew study finds. In fact, of the homeowners surveyed, about half said their home is worth less now than before the recession, while 31 percent said their home’s value has stayed the same.
Nevertheless, 82 percent of homeowners who said their home is worth less now still strongly or somewhat agree that homeownership is the best long-term investment a person can make, according to the survey.
The value of homeownership even continues to emerge on top when homeowners were surveyed and asked to rate the importance of four long-term financial goals. Homeownership and “being able to live comfortably in retirement” rated the highest – viewed as either extremely or very important by 80 percent of respondents.
Still, optimism about homeownership doesn’t mean they’re completely happy with their current home. Nearly a quarter of all homeowners surveyed said that if they had it to do all over again, they would not buy their current home. Most of the “buyer’s remorse” complaints were about the home itself or its location. Only 31 percent of those surveyed cited financial factors, such as the home losing value or their own changing financial situation.
Source: “Home Sweet Home. Still.” Pew Research Center (April 12, 2011)
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