Purchasing a Home is a Good Financial Decision

A recent survey done by the 2010 National Housing Pulse Survey shows that eight out of ten people believe purchasing a home is a good financial decision. This is surprising news because of the ongoing challenges of the housing market, but very good news none-the-less.

The National Association of Realtors® released this annual report that helps measure how affordable housing issues affect consumers. The survey also found job security concerns to be the highest for the first time in eight years. Almost 70% of Americans say that job layoffs and unemployment are a big problem in their area and eight in ten say these issues are a big barrier to homeownership.

Although job recovery is what is needed right now to help get the economy and housing market back on track, many people still say owning a home is a big part of the American dream and a great long-term investment in their future.

More of the survey shows that, despite the economic uncertainty, 68% say it’s a good time to purchase a home. 63% of respondents who rent say that owning a home is a future priority and close to 40% say it’s their highest priority.

Even with improved affordability, nearly 80% of surveyors say having enough money for a down payment and closing is a big obstacle to their buying a home. And 73% say they lack the confidence to be approved for a loan.

Myers Research & Strategic Services for NAR’s Housing Opportunity Program and American Strategies are responsible for conducting the 2010 National Housing Pulse Survey. There were 1,209 adults surveyed who live in the 25 most populous metropolitan statistical areas.