Americans still want to own a home

A Money Management International, a nonprofit credit counseling agency, 2011 survey found 81 percent of people still feel owning a home is still a key component in achieving the American dream.

According to the study, 69 percent of people believe owning a home is still a good investment, and 66 percent would prefer to own a home rather than rent if they could. While attitudes towards owning remain optimistic, the number of people renting has increased from 34 percent to 38 percent this year.

Having enough money to support the mortgage payments was the most important factor when deciding to own a home according to 59 percent of respondents. Of the respondents who did not feel owning a home was vital to achieving the American dream, 30 percent said it was too expensive, 17 percent blamed the economy, 11 percent did not trust banks and mortgages.

A recent survey conducted by Fannie Mae found that Americans expect home rental prices to increase by 3.9 percent on average in the next year, and 69 percent believe now is a good time to buy a home. The survey also reported 37 percent of respondents said their household expenses were significantly higher this year, while 38 percent expect their personal financial situation to improve in the next year. 

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