Americans generally have positive attitudes about the housing market, homebuying
The general population still has a positive outlook on the housing market.
The Federal Reserve Bank of New York recently released the results from the February 2017 SCE Housing Survey, which showed that 60.4 percent of respondents believed that purchasing a home in their zip code is either a very or somewhat good investment, compared to only 12.7 percent who viewed it as a bad investment. The majority of renters believe that homebuying is a good investment, according to nearly 56 percent, while 15.6 percent viewed it as a bad one. As in the past, more high-income college graduates believe housing is a good investment, compared to their lower-income, non-college graduate peers. More than half (63.6 percent) of all respondents said they plan to move within the next three years.
Of homeowners, less plan to refinance their mortgage, down to 10.2 percent from 11.3 percent. Nearly one-third percent of homeowners plan to invest at least $5,000 in their home in the next 12 months, while 46 percent plan to do so in the next year.
Of renters, 65 percent who want to buy a home believe that getting a mortgage is difficult, or very difficult. But 20 percent believe it would be somewhat or very easy to obtain one, an increase over the past two years. Additionally, renters still want to own home. Nearly two-thirds (72.3 percent) prefer or strongly prefer to own as opposed to renting. While it is a slight decrease (1.8 percent) from last year, it’s still a strong percentage. Younger, as well as less-educated renters, voiced the strongest preference for owning.