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Younger Americans' outlook on housing improving

March 2, 2011 - A larger number of younger consumers say they're considering packing their moving boxes and buying a new home in the near future.

In fact, 59 percent of Americans aged 18 to 34 believe purchasing a home remains a solid investment, according to the latest national housing survey by Fannie Mae. Considering that this was the same demographic to experience the greatest decline in homeownership after the housing decline a few years ago, experts said it was a positive sign that the youngest Americans may also be the most resilient.

At the same time, just 62 percent of Americans said they planned on buying a new home, down from 70 percent last January. Most seem to believe mortgage access will be their biggest obstacle to homeownership, with 74 percent saying it will be harder to secure a home loan in the future.

"Most respondents to our survey continue to lack confidence in the strength of the economic recovery, and they are less optimistic about their ability to buy a home in the years ahead," said Doug Duncan, vice president and chief economist of Fannie Mae. "This sense of uncertainty is weighing on the housing recovery today and reshaping expectations for housing for the future."

Tight mortgage lending standards continue to hamstring many Americans' moving plans, as is one of the few things holding back many consumers in today's affordable market, according to experts from the National Association of Home Builders.
 

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