Home Ownership Remains Strong in America

It’s looking like home ownership remains strong in America, according to Fannie Mae. The Fannie Mae 2010 Own-Rent Analysis has recently released their research of homeowners and renters. The research explores consumer decisions to buy or rent a home. According to the study findings, 51% of current owners and renters say that the housing crisis has not affected their decision to buy a home. Aspirations are high for the long run.

However, the National Housing Survey shows in the third quarter that 33% would be more likely to rent their next home. Among people already renting, 59% say they would continue to rent in their next move.

The Fannie Mae Survey conducted in November shows there is hope toward home ownership rates, but decisions to buy are tempered by current consumers' cautious attitudes toward home buying in the current financial environment.

The study shows a strong desire to own homes and reveals that life events are greatly influencing family decisions to rent. The trend with the housing crisis has caused consumers to approach home ownership with greater caution.

Fannie Mae’s research analysis shows shifting demographic and lifestyle trends correlate to consumers’ housing decisions, which may have long-term implications for the housing market. Many things are effecting decisions. For example, in the past, married couples have been more likely to own. Now, married couples are a shrinking portion of the population. Having children, however, has increased the propensity to own. In today’s market, single mothers are renting due to financial constraints and the percentage of households with children is declining overall as well.

Fanny Mae compares current consumer actions, attitudes and financial consideration with historical consumer behaviors, market experience and economic conditions to analyze today’s market of owners versus renters.