Belief in American dream still alive
Many Americans do still maintain a core belief in the inherent value of owning a home. 72 percent of American adults still believe home ownership is part of their personal American dream. While this is a decline from 77 percent of adults six months ago, the result shows that the American Dream of home ownership is still alive, according to Trulia.com and its recent American Dream survey on attitudes toward home ownership.
Government and industry experts agree: consumer interest in buying homes is an essential element of a healthy real estate market. However, 27 percent of renters indicated that they do not plan to buy a home-ever. Of those renters who do plan to buy, 68 percent said it would be more than two years before they do. This reluctance to buy could potentially drag out the real estate market’s recovery timeline further than many have predicted.
This was not the only way in which American attitudes toward homeownership have changed; nearly one in five Americans (19 percent) stated that their attitude toward homeownership has grown more negative over the last six months. However, more Americans, 23 percent, said that their attitude toward owning a home has grown more positive in the same time frame.
Americans are veering away from the “McMansions” that had grown popular before the recession. Those American adults for whom home ownership is part of the American Dream displayed a preference for smaller homes, with only 9 percent saying their ideal home size is more than 3,200 square feet- the same number who said they’d like their home to be between 800 and 1,400 square feet.
Source: Real Trends