New NFCC survey reveals attitudes about homeownership

WASHINGTON – July 14, 2009 – A new survey from the National Foundation for Credit Counseling (NFCC) reveals what appears to be a changing attitude toward homeownership. According to the survey results, almost half of all American adults, more than 100 million people, feel that due to the economic climate, homeownership is no longer a realistic way to build wealth.

Other findings from the survey were equally reflective of this new attitude toward homeownership:

• Almost one-third of those surveyed, roughly 72 million people, do not think they will ever be able to afford to buy a home

• Forty-two percent of those who once purchased a home, but no longer own it, do not think they’ll ever be able to afford to buy another one

• Of those who still own a home, 31 percent do not think they’ll ever be able to buy another home (upgrade existing home, buy a vacation home, etc.)

• Seventy-four percent of those who have never purchased a home felt that they could benefit from first-time homebuyer education from a professional

The survey conducted by Harris Interactive for the National Foundation for Credit Counseling revealed that many Americans are uninformed about the complex home buying process.

“The lack of confidence in consumers’ ability to buy a home, improve their current housing situation, or trust homeownership to provide a significant portion of their wealth sends a strong message about the impact of the housing crisis,” said Gail Cunningham, NFCC spokesperson. “It appears that whether a person was directly affected or not, Americans’ attitudes toward homeownership have shifted. The good news from the survey is that people now seem to grasp that buying a home is a complicated process and admit that they would benefit from education in advance of signing on the dotted line.”

The Homeownership Survey was conducted by telephone within the U.S. by Harris Interactive on behalf of the National Foundation for Credit Counseling between May 29 and June 1, 2009, among 1,001 adults ages 18-plus. The full survey is available at www.nfcc.org.

© 2009 FLORIDA ASSOCIATION OF REALTORS

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