Home ownership matters, survey says

majority of home owners as well as a strong percentage of renters believe that owning a home provides a healthy and stable environment for raising a family, and that it also helps them meet their long-term personal and financial goals.

It has long been understood that home ownership benefits individuals and families, strengthens communities, and is vital to our nation’s economy. Home is where we make memories, build our futures and feel comfortable, safe and secure. It is only natural, therefore, that most people feel so strongly about home ownership.

The survey revealed that while the majority of homeowners reported feeling very or extremely satisfied with the overall quality of their family life, only onethird of renters reported that same level of satisfaction. Home owners also report higher levels of self-esteem and happiness when compared to renters. While home ownership cannot ensure an idyllic quality of life, it certainly seems to make a difference for many.

Regarding their long term goals, sixty-three percent of renters reported that they are at least somewhat likely to buy a home at some point in the future, and out of that group, young adults (18-29 years old) have the strongest aspirations for home ownership. Most young adults consider renting to be a transitional step towards eventual home ownership once they are more financially settled.

The challenges of the economy have also played a major role, impacting many aspiring home owners as they consider their ability to purchase a home. Three out of five renters surveyed who said they are very or extremely likely to buy considered job security and credit worthiness to be serious obstacles in their ability to do so. Eighty percent of renters noted that lack of sufficient available funds for a down payment and closing costs were major issues as well.

On another note, support of the mortgage interest deduction was overwhelmingly considered to be an important