Why Do American Families Want to Buy a Home?

bigstockphoto_moving_family_2862923

A big question facing the real estate industry over the last few years is how the housing crisis would impact the public’s belief in home ownership as a major component of the American Dream. Many felt the tragedy experienced by so many families would force them to reconsider their desire to ever be a homeowner again.

A recent study by the Joint Center for Housing Studies at Harvard University addressed this question. Their paper, Reexamining the Social Benefits of Homeownership after the Housing Crisis, revealed some interesting findings:

Homeownership Still Preferred Over Renting

“Even after the dramatic loss of equity and the high foreclosure rates, the early evidence suggests that people seem to believe that, over the long run, owning is still preferable to renting…The long term cultural preference for owning seems to have weathered the recent housing crisis.”

Americans Still Expect to be Homeowners

“The research on home-buying expectations supports the conclusion that very large percentages of Americans still expect to buy a home at some time in the future.”

Younger Americans More Desirous of Homeownership

“Moreover, the finding that younger renters and owners are more likely than their older counterparts to expect to own bodes well for the future of the housing market.”
Even after one of the most difficult decades in this country’s real estate history, the belief that homeownership is a part of the American Dream still lives on.

There is a plethora of opinions voiced by real estate gurus as to why the dream of home ownership is so important to most Americans. However, study after study reveals the same five reasons families decide to buy a home. They…

  1. Want a good place to raise children
  2. Want a place where their family feels safe
  3. Want more living space
  4. Want control of that living space
  5. Realize that owning makes better financial sense than does renting
(For those who question the validity of  number five after the recent housing crisis, Harvard University just finished a study on the issue)
If you are considering purchasing a home, look at the five reasons mentioned above. If any of them apply to you and your family, perhaps it is time for you to take the plunge. With both prices and interest rates rising, waiting will only increase your monthly cost as we move forward. Contact us today and let us help you find YOUR dream home!


Jacobs Real Estate Partners

REMAX Lake of the Ozarks
You can look us up on Google+ or reach us at:
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s