Studies reveal latest consumer perceptions on homeownership
By Tom Kelly, Wednesday, June 1, 2011.
Home prices were down nearly 34 percent at the end of March from their pre-recession peak in 2006, according to the latest Standard & Poor's/Case-Shiller National Home Price Index. Still, more than 80 percent of adults say that buying a home is the best investment a person can make.
Two recent nationwide studies -- one by the Pew Research Center and another by real estate website Trulia -- revealed that not only do consumers prefer to buy than rent, but buying is more affordable than renting in 78 percent of the nation's cities.
The Pew Research Center surveyed 2,142 adults between March 15 and March 29, 2011. The survey sample included 57 percent of respondents who own a home and 30 percent who are renters. The remainder has other arrangements, such as living with family members.
The study found that 37 percent "strongly agreed" and 44 percent "somewhat agree" that homeownership is the best investment a person can make. When this same question was asked two decades ago in a CBS News/New York Times survey, 49 percent" strongly agreed" and 35 percent "somewhat agreed," the Pew study revealed.