My husband Trey and I have been living in the Northampton neighborhood in Spring for 14 years. Do we think buying a home was a good financial decision? We do. And according to a recent study by the National Association of Realtors® (NAR), most people living in the United States would also answer that question “YES!”
The 2013 National Housing Pulse Survey revealed that eight out of ten Americans believe home ownership is a good financial choice. The study further revealed that more than half of renters (51%) list homeownership as one of their highest future priorities and that 36% of those surveyed were thinking of currently buying a home, which is great news if you have been considering selling your home.
According to NAR President Gary Thomas, “Homeownership matters to Americans who consistently realize the many benefits it provides to communities, families and the nation’s economy. Due to high housing affordability and today’s interest rates, it makes sense for people to consider homeownership over renting. In fact, in many parts of the country it’s cheaper to own a home than to rent one. Therefore, it’s no surprise that renters recognize that owning a home offers tremendous long-term benefits and is an investment in their future.”
Lower Interest Rates Make Your Home More Affordable
Interest rates dropped again this week, with the average 30-year fixed rate mortgage showing at 4.31% (.8 point), making housing even more affordable. Inventory is more available in many areas and according to the Pulse Survey, residents are noticing it. 38% of respondents shared that they had seen as increase in their local housing market activity and in pricing.
American Strategies and Myers Research & Strategic Services conducted the 2013 National Housing Pulse Survey for NAR’s Housing Opportunity Program and polled 2,000 adults nationwide. The study reports a margin of error of plus or minus 2.2 percentage points. View the study results here.