Survey: Nearly 90 percent of Americans value homeownership

The vast majority of Americans think homeownership is an important part of their “American Dream,” according to a new industry survey.

Even in the wake of the recession, many Americans continue to maintain confidence in homeownership, according to the NeighborhoodWorks America survey.

The majority of Americans (88 percent) consider it an important part of their American Dream. About two-thirds of the respondents say their opinion of homeownership has not changed over the past five years.

“Although the housing market took one of the largest hits ever, with home prices falling nationally and foreclosures rising to more than one million homes annually, homeownership remains a goal many want to achieve,” said Eileen Fitzgerald, CEO of NeighborWorks America, in a statement.

At the same time, 40 percent of respondents say they feel less prepared to buy a home than they were five years ago, and 12 percent weren’t sure.

The majority of renters and homeowners surveyed say they believe the home buying process is complicated. They attribute the major obstacles to personal finance issues, such as lack of job security or not having enough money for a down payment. One in four surveyed say they have no familiarity with the mortgage products available.

“These results tell us that most consumers believe that they know when the time is right for them to buy a home — and feel strongly that home ownership is important — but that their personal situation may have been affected in the past five years and is holding them back from pursuing home ownership,” Fitzgerald noted.