Most Americans think home buying is a “good financial decision”

Has activity in the housing market increased? Nearly half of Americans in the top 50 Metropolitan Statistical Areas (MSA) believe so.

NAR recently released the results of their eleventh Housing Pulse Surveys, which showed 85 percent of Americans think purchasing a home is a good financial decision, with 73 percent “strongly” agreeing.

However, concern about housing costs still exist, but are improving. Of those surveyed, 76 percent say they do not make enough income to make housing affordable, despite a full-time job. Meanwhile, 59 percent are concerned about high rental prices, and 49 percent are concerned about high prices for homes in their area.

As mentioned on Monday, college debt still haunts many would-be home buyers. Seventy-eight percent, especially millennials, of those surveyed said their student debt is their biggest obstacle to homeownership.

Of respondents, two-thirds believe that house prices are more expensive than 2014, which concerns them. Of the top 25 MSAs, 41 percent say the lack of available housing that is affordable is a problem, which is an increase since 2013.

Yet, 61 percent of current renters claim that they would like to eventually own a home, and it’s one of their highest personal priorities. That is an increase of 11 percent from 2013.

And 68 percent believe that it is now is a good time to buy a home. With rents continuing to rise, many renters are feeling the financial strain on their budget. Of millenials, 65 percent are concerned about the high cost of rent on their budget. Eighty-eight percent of respondents believe the housing market will grow, or at least remain the same.

And the top three reasons to own a home, according to the results? Home ownership means the money you spend on housing goes towards building equity, rather than to a landlord; home ownership creates the opportunity to live in a neighborhood that you enjoy; and home ownership provides a stable and safe environment for children and other family members.