Lending Tree recently released a homeownership sentiment survey, and it showed that 83% of Americans say that they would rather own a home than rent one. 62% of those who mentioned that they would rather own said that flexibility to do whatever they want to do with the space was the main factor. 61% said they would like to not have to worry about having to renew their lease. 49% mentioned freedom or less rules to own pets, 48% said pride in homeownership was their main factor. Interestingly, only 44% of those who would rather own mentioned home price appreciation as one of their main reasons behind their choice. And only 41% said it was building wealth.
These numbers show that more consumers should recognize the opportunity in homeownership in appreciation and wealth-building as this category is much lower than some of the other reasons that were surveyed. When looking at a housing appreciation chart over the last 80 years or so, did you know that purchasing a home and holding it for 10 years has resulted in a profit every year except one since 1942?
As a buyer you should seek out professional assistance from a trusted advisor who can help you see the value in homeownership, especially the factor of building wealth through appreciation.