Homeownership is part of the American dream

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The new Housing Opportunities and Market Experience (HOME) report was created to monitor consumer sentiment about the housing market. This new report covers core topics that will be tracked on a monthly basis such as views on housing as a good financial investment, whether homeownership is part of the American Dream, if now is a good time to buy or sell a home and perception of home price changes.

Highlights from the report include:

  • Despite affordability concerns, nearly all young renters eventually want to buy a home, and a convincing majority of respondents view homeownership as part of their American Dream.
  • That only half of surveyed households believe the economy is improving can be attributed to the fact that some areas have been slow to recover and wages have yet to grow in a meaningful way for far too many families.
    • The pace of existing-sales would likely be more robust if not for the economy’s subpar growth since the downturn and wage gains that have failed to keep pace with rents and home prices.
  • A combination of economic and lifestyle factors have more to do with the currently underperforming share of first-time buyers than the idea that buying a home is not as desirable as it used to be.

Housing_Opportunities_and_Market_Experience-Graph

 

Data and content used with permission from the National Association of REALTORS®.

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