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Americans still intent on homebuying

December 10, 2010 - Though many consumers have expressed an increased willingness to rent, a new report says they are still eager to pull up their moving trucks in front of a brand new home.

Fannie Mae released the results of its 2010 Own-Rent Survey, which showed that 51 percent of current homeowners and renters say that the housing market's difficulties have not affected their desire of moving into a new home. Additionally, 89 percent of homeowners and 44 percent of renters believed they would be better off if they owned the home in which they lived. The report also showed that many consumers may be moving to apartments less out of a preference and more out of necessity due to hard financial times.

"Despite Americans' strong desire to own their homes, our study reveals that life events are greatly influencing families' decision to rent," said Doug Duncan, Fannie Mae vice president and chief economist. "This trend, coupled with the housing crisis, has caused consumers to approach homeownership with greater caution and thoughtfulness."

Younger Americans seem to be the ones most impacted by the housing crisis - the homeownership rate for those aged 25 to 29 has declined 11 percent from peak rates, much higher than drops experienced among older consumers.

The study showed that consumers still hold largely positive feelings toward owning a home, even though another recent survey suggested more may be apt to moving to an apartment in the near future. RealtyTrac and Trulia reported that 58 percent of Americans don't expect the real estate market to improve for two years, an attitude that may deter many from homeownership.
 

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