Boulder Market Reports November 8, 2017

Owning a Home Essential to the American Dream, Survey Shows

Despite the ups and downs of the housing market, homeowners and non-owners alike consider owning a home essential to the American Dream, according to a new survey conducted by The National Association of Home Builders (NAHB).

The survey—conducted on behalf of the National Association of Home Builders (NAHB) by Public Opinion Strategies of Alexandria, Va., and Lake Research Partners of Washington, D.C.—polled 2,000 people who are likely to vote in 2012. According to NAHB Chairman Bob Nielsen, “The survey results show that Americans see beyond the immediate housing market to the enduring value of homeownership. An overwhelming 75 percent of the people who were polled said that owning a home is worth the risk of the fluctuations in the market, and 95 percent of the homeowners said they are happy with their decision to own a home.”

Despite the challenging real estate market, people who don’t currently own a home report they want to buy a house, says Neil Newhouse, a partner and co-founder of Public Opinion Strategies. Almost three-quarters of those who do not currently own a home, 73 percent, said owning a home is one of their goals. And among younger voters who are most likely to be in the market for a home in the next few years, the percentages are even higher.

Other notable survey results include:

• Homeownership and a retirement savings program are considered by voters to be their best investments.
• 80 percent of homeowners would advise a close friend or family member just starting out to buy a home.
• Saving for a downpayment and closing costs are the biggest barriers to homeownership.
• Americans believe that owning their own home is as important as being successful at their job or being able to pay for a family member’s education.