This blog often discusses the data behind the housing market. Today, we want to address the emotion behind the market comeback; a belief in homeownership which is still alive and well in this country.
A study conducted by Coldwell Banker and psychotherapist Dr. Robi Ludwig found that owning a home is still very much a goal for many Americans. In the study, 91 percent of those surveyed said owning a home is part of the American Dream. A second study by TD Bank, reported similar results:
- More than half of consumers polled say homeownership is a vital component to defining the American Dream
- 59 percent associated feelings of excitement or pride as part of their first time home buying process
- 84% of today's younger renting generation-ages 18-34-intend to buy a home
This belief in homeownership is a major reason Americans are again buying homes. As Dr. Ludwig explains:
“Now that we’re picking up the pieces, we’re seeing a psychological shift. Instead of looking at homes through the eyes of an economist, we’re realizing that a home doesn’t solely equate to financial return or measure only to a mortgage amount. Instead the home is the emotional center of our lives, and it remains a critical component of who we are…
The feeling you get when you step through your front door or pull into your driveway is indescribable and priceless and the same holds true for our children who crave stability. While I know that financial hardships during the recession clearly have impacted many households, it is clear that the emotional value of a home is still strongly recognized.”