Homeowners still confident in owning vs. renting, says Fannie Mae
Amid a torrent of negative stories on housing, it is worth pointing out that housing has a function other than as an investment: namely, as a contributor to quality of life.
Fannie Mae, admittedly not an unbiased source, recently released a four-part survey on the attitudes of owning versus renting. Among the findings:
84% of homeowners with negative equity believe they are better off owning than renting.
80% of the general population, and 65% of renters, say they would prefer to live in a neighborhood where most people own.
In responding to the question, “What is the best reason to buy a home?”, the most popular answer was for lifestyle considerations, not financial benefits.
A large majority of owners believe they are better off owning a home, whereas renters are divided between owning and renting.
This is a useful reminder that not all buyers will be into the horse race of housing data that can sometimes preoccupy the news media.
Fannie Mae Survey Graphs: http://www.lakeshoreanalytics.com/yo/jan11/fan_fred_graphic.PNG
from yo Chicago by jeff baird on 1/5/11
