11:33 am July 3, 2012, by David Markiewicz
Home ownership is less of a must for some Georgians than it used to be, a new survey suggests.
More than 16 percent of the people who responded to the Georgia Credit Union Affiliates’ 2012 Mid-Year Consumer Poll said that owning a home is no longer a current goal for them, although it once was.
The reason: the economic downturn.
Breaking it down, 37.8 percent said their attitude has changed because they’re making less money; 47.8 percent attributed it to the need to pay down debt; and 47 percent blamed the national economy for their change of heart.
Doug Duncan, vice president and chief economist at Fannie Mae, cited another poll, Fannie Mae’s May 2012 National Housing Survey, in discussing the shift.
“Our May consumer data shows that Americans are taking a wait and see approach about buying or selling a home,” he said. “This is not surprising given their assessment that their income during the past 12 months and their personal financial expectations for the next 12 have leveled off.”
It’s not like everyone has given up on owning a home, though.
Another survey, by Better Homes and Gardens, found that 8 of 10 respondents continue to feel that owning a home is an important part of the American Dream.
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