A survey conducted by John Burns Real Estate Consulting has revealed that the desire to own a rather than rent is still prevalent, despite the current economic challenges facing many Americans.
The 2012 "What Do You Call Home?" survey had over 20,000 respondents who answered questions about home buyer preferences
According to JBREC: "Today's 'new normal' requires great emphasis on consumer preferences and values that impact the home purchase decision. Understanding these details is critical to planning and achieving a more profitable strategy. The survey results are well-diversified by region, price point and all lifestages.
"The consumer sample, comprised of people who had recently visited a new home community and registered their e-mail address, includes 75% current homeowners, 20% renters, 3% who live with their parents, and 2% other. [These] survey results give us excellent insight into the minds of those who want to buy soon, although the sample may not be representative of all U.S. households," read a release by JBREC.
The results show the expectation of home appreciation continues to be minimal and that consumers are no longer buying a home for near-term investment purposes. Only 24% expect more than 2% home appreciation annually over the next five years.
Homeownership begins with personal value as "very important," survey results reveal. The highest-ranking reasons (i.e., "very important" reasons) that homeownership is important to consumers today include: "I don't want to rent the rest of my life," and "Ownership is what I strive for."
For the full results of the survey, click here.