Value of owning a home is rising
Eighty-four percent of Americans believe that purchasing a home is a good financial decision — the highest number in 10 years. Yet 6 in 10 said that they are concerned about affordability and the rising cost of buying a home or renting in their area. This is according to the National Association of Realtor’s 2017 National Housing Pulse Survey, which measures consumers’ attitudes and concerns about housing issues in the nation’s 25 largest metropolitan statistical areas.
This survey makes it clear that most Americans still believe in homeownership and aspire to own a home of their own. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top reasons to own a home. Yet, Americans consider the lack of affordability as a big obstacle to ownership. Concerns over housing affordability show clear demographic divides: More than 50 percent of unmarried and nonwhite Americans view the lack of available affordable housing as a big problem, compared to only 4 in 10 of married and white Americans.
Nationally, 44 percent of respondents categorized the lack of available affordable housing as a very big or big problem. In the top 25 densest markets, more than half see the lack of affordable housing as a big problem, an increase of 11 percentage points since 2015 — and lower-income Americans, renters and young women most acutely feel the housing pinch. There also is greater concern about affordable housing among the working class (65 percent) than for public servants such as teachers, firefighters or police (55 percent).
Over half of the respondents strongly agreed that homeownership helps build safe and secure neighborhoods and provides a stable and safe environment for children and family members. There are many benefits of homeownership, and they resonate more strongly as age increases. Over half of Americans between the age of 50 and 64 believe that homeownership is associated with a stable home environment, which also leads to greater educational success for children. It’s important that younger Americans also have access to affordable and sustainable homeownership.
In a local survey conducted by the Santa Fe Association of Realtors to help identify key issues facing our city as we enter a busy municipal election season, 8 percent of the 400 likely voters interviewed stated that “affordable housing” was the most
important issue facing our community. Sixty-five percent of respondents favored rezoning efforts by the city of Santa Fe to reduce regulatory burdens along the St. Michael’s corridor to encourage redevelopment and housing. The survey was conducted in early August 2017 with a plus- or minus4.9 percent margin of error.
With interest rates at 30-year historic lows, it is a great time to purchase a home. Visit www.sfar.com to connect with a Realtor, a member of the Santa Fe Association of Realtors and National Association of Realtors, to learn more about buying a home. Paco Arguello is chief executive of the Santa Fe Association of Realtors. Contact him at 505-982-8385 or paco@sfar.com.