Consumers say homeownership still worth the risk

Despite the ups and downs of the housing market, homeowners and non-owners alike consider owning a home worth the risk.

That was among the findings of a national survey of 2,000 consumers likely to vote in 2012 political elections conducted May 3-9 by Public Opinion Strategies of Alexandria, Va., and Lake Research Partners of Washington, D.C. on behalf of the National Association of Home Builders.

“The survey results show that Americans see beyond the immediate housing market to the enduring value of homeownership,” said Bob Nielsen, NAHB chairman. “An overwhelming 75 percent of the people who were polled said that owning a home is worth the risk of the fluctuations in the market, and 95 percent of the homeowners said they are happy with their decision to own a home.”

Almost three-quarters of those who do not currently own a home said owning a home is one of their goals. That percentage rose among younger voters, the study revealed.

Among the other survey results:

– Homeownership and a retirement savings program are considered by voters to be their best investments.

– 80 percent of homeowners would advise a close friend or family member just starting out to buy a home.

– Saving for a down payment and closing costs is the biggest barrier to homeownership.

– Americans believe that owning their own home is as important as being successful at their job or being able to pay for a family member’s education.

“Owning a home isn’t just a policy to people,” said Celinda Lake, president of Lake Research Partners. “It isn’t just a commodity to people. It is a core value.”