Survey: Most Americans believe homeownership still attainable

DULLES, Va. – April 22, 2008 – According to a survey from AOL Real Estate and Zogby International, more than 50 percent of Americans believe the dream to own a home is still attainable for most citizens, while 43 percent said they spend more than 30 percent of their household budget on housing. According to the U.S. Department of Housing and Urban Development (HUD), owners paying over 30 percent are “cost burdened.” These are just some of the many findings from a new interactive survey of Americans age 18 or older that investigates how Americans view a wide range of real estate issues – from homeownership to housing costs, financial concerns and shopping for a home.

“The real estate market is constantly evolving and it is more important than ever for homeowners and buyers to research and understand their local market dynamics before making decisions,” said Alan Steel, GM of AOL Real Estate. “As our survey results show, the Internet is an essential resource and the first choice for buyers, sellers and renters who are seeking information.”

Other top-line survey findings include:

Are Americans house poor?

With so many Americans using a large percentage of their budget for housing, the survey found that 22 percent of participants would lose their house or apartment with an unexpected short-term job loss and 30 percent are working paycheck to paycheck to cover housing costs. Additionally, 30 percent of Americans know someone who has gone through, or is being forced to sell their home, due to a foreclosure.

American views on home values

If forced to sell their home today, half of the respondents would buy another home rather than rent; roughly half of Americans would seriously consider purchasing a home through a foreclosure listing.

How Americans search for homes

When looking for a home, 67 percent of Americans surveyed turn to the Internet first. In addition, communities with low crime, high-quality schools, recreational facilities and an easy driving commute to work all are key factors that influence a home purchase, with some Americans willing to pay a premium on top of their housing to reduce their commute time by half. Additionally, 83 percent of participants value the local media’s coverage of crime in specific communities and cite the coverage as a major influence into where they would purchase a home.

The value of home improvement

For those not interested in selling or purchasing a home this year, 16 percent say they are planning a major home remodeling project, such as putting on a new addition. They believe that making any type of home improvement can increase the value of their home in today’s market.

Survey methodology

The AOL Real Estate-Zogby International survey was conducted among a national sample of 6,678 adults ages 18 and older. Interviews were conducted Feb. 15, 2008 through Feb. 18, 2008. Zogby recruited members of the online Internet panel. The margin of error is plus or minus 1.2 percentage points. The full survey results can be found at AOL Real Estate (http://realestate.aol.com).

© 2008 FLORIDA ASSOCIATION OF REALTORS®

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