For many decades the American Dream has included home ownership, an achievement that has symbolized hard work, pride, and success. That desire grew with each successive generation, finally culminating in the bursting of the bubble in 2006. Since then the housing market has spiraled downward, foreclosures and “walkways” are at an all-time high, and the nation’s economy is experiencing a downturn of great proportions.
The end of the American Dream? One might certainly think so, given the state of financial affairs in the U.S. and the prevailing assumption that home ownership is not all it was touted to be. Surely the younger “Generation Y” (ages 18-34) renters will have little desire to purchase Tampa FL real estate and risk their financial security. And so the market will continue to falter, and the Dream will continue to fade…
Not so! say the results of a recent survey. The Dream is alive and well, and Tampa FL real estate will continue to be purchased. Why? More than three out of four current homeowners surveyed by Trulia.com (through Harris Interactive) this past January stated that their home “continues to be the best investment they ever made.” 70% of Americans, both home owners and renters, still view home ownership as part of their American Dream. Interestingly enough, according to this poll, the demographic group most interested in being part of the Dream is the Y generation. In fact, one in four of that age group says that home ownership is more appealing now than it was six months ago.--good news for sellers of Tampa FL real estate and the market in general! Trulia reports that 88% of young renters hope to become homeowners in the future--certainly a statistic which brings hope for the housing market.
A fading dream? Not so! according to the results of a second recent survey, this one conducted by Public Opinion Strategies and Lake Research Partners on behalf of the National Association of Home Builders (NAHB), and this report is also good news for Tampa FL real estate and the market as a whole. NAHB Chairman Bob Nielsen has issued some very positive statements based on the survey’s findings and verifies the fact that over 70% of those not currently owning a home wish to do so in the future. He also stated that 95% of present owners polled are happy with their decision to own a home. In addition, Lake Research Partners’ spokesperson Calinda Lake noted in the report the intensity of feeling among those questioned, saying “People believe overwhelmingly that owning a home is an anchor to the American Dream.”
Is this dream still possible? Yes, according to many experts. They refer to the rising costs of renting, low interest rates, falling house values, and the great variety and availability of homes as convincing reasons to purchase now. They encourage would-be buyers to…
- conduct a financial analysis of both renting and owning costs
- research home prices, taxes, utilities, insurance and maintenance costs
- talk with a Realtor about expenses, comparables, loans, etc., and
- meet with a loan officer to be certain that they qualify for a mortgage and can afford the payments.
Homeownership as a portion of American Dream is alive and well, and if hopeful statistics are to be believed, the worst of the housing market decline is behind us. Hang in there, owners and potential buyers of Tampa FL real estate!