Atlanta Weather

| Traffic

Search
The Biz Beat

Poll suggests Georgians less set on home ownership

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.

  • Print

7 comments Add your comment

jd

July 3rd, 2012
12:11 pm

If you do the math, home ownership is not a rational economic choice. How ownership has become part of an American dream — in a country that prides itself on Christian values, shows how secularism masquerades itself as the prize of possessing a Protestant Work Ethic… You can’t take a home to heaven, can you?

Road Scholar

July 3rd, 2012
2:02 pm

If trailers are considered a “home”, would the stats be different?

Amina Shahid

July 3rd, 2012
2:12 pm

Owning will always be better than renting in my opinion because you’ll always need a place to live so why not buy instead of pay your landlord’s mortgage. If ever there was a best time to buy your own home, it’s now that prices and interest rates are so low. Its sad that these last few years of economic downturn have destroyed so many peoples outlook on home ownership.

John

July 3rd, 2012
2:24 pm

You never “own” your home anyway. You ALWAYS rent it from the government.

I prefer to leave my suspension of disbelief in my entertainment choices and make real life decisions based on real life facts, no matter how unpleasant those facts may be.

jmb

July 3rd, 2012
3:51 pm

Amina – I know way too many home owners that NEVER should have bought a home They forgot about the maintenane cost when buying.

MrLiberty

July 3rd, 2012
5:10 pm

You never technically own you home here in Georgia. Even if you pay off the mortgage, the government continues to tax your property to fund its wasteful make-work programs and numerous services you would just as well do without or should be allowed to purchase privately and voluntarily. If you do not pay the tax, they take your property from you. YOU do not own your property in this state. Why would anyone want to voluntarily get into that financial position?

Eric

July 9th, 2012
9:47 am

If owning home is the right thing depends on number of factors. Number one is the price you paid. If you purchased at the inflated price you are screwed! The RE agent will try to give you all the so called bogus data of comparable home prices in that vicinity so you also end up overpaying! Few months or years down the road you have hard time with the huge mortgage & ever increasing property tax. So you try to sell by finding a bigger fool than you. Next if the neighborhood goes crap with teenagers wearing pants below there underwears, loud music, parties you are pretty much self crucified. Also pepole tend to forget that for the first 17 years (30 year mortgage) you are paying mostly interest and hardly any principal amount. For me, I am a happy renter. I can move anytime I want but not you – the home owner.