Buying Remains More Popular Than Renting
Posted Thursday, August 22, 2013
In today’s environment, do you think buying real estate has become less popular than renting? If so, you’ll probably be surprised to learn that 81% of American adults still think that buying a home is the best investment a person can make.
In comparison, two decades ago, a CBS News/New York Times survey found that 84% of American adults thought buying a home was the best investment a person could make. That’s only a 3% decline in 20 years.
The new information is based on two nationwide studies performed this year by the Pew Research Center and Trulia, a real estate website. The Pew Research Center’s survey sample included 2,142 adults. Fifty-seven percent of the people who answered the survey own a home, 30% rent and the remainder have other arrangements, such as living with family members.
Here are some other findings provided by the studies:
- Buying is more affordable than renting in 78% of America’s major cities.
- 81% of renters would prefer to own a home rather than continue to rent.
- 47% of homeowners say their home is worth less now than before the recession started. 31% say its value is the same. 17% say their home is worth more than before the recession.
The bottom-line? In most areas of the country, even though home prices have declined in the past four or five years, homeownership is still preferred and is also a practical financial decision.
Pew Research Center
America’s major cities