A sluggish real estate market hasn’t shaken the confidence of the public in how it views home ownership, according to a new study by the Pew Research Center. Eight in 10 adults (81%) say owning a home is the best long-term investment a person can make, according to the Pew study of about 2,000 adults conducted in March 2011.
“Homeowners are not blind to what has happened to home prices, nor are they expecting a speedy recovery,” according to the Pew study. In fact, of the home owners surveyed, about half said their home is worth less now than before the recession, while 31% said their home’s value has stayed the same.
Nevertheless, 82% of homeowners who say their home is worth less now than before the recession agree that home ownership is the best long-term investment a person can make, according to the survey.
The value of home ownership even continues to emerge on top when homeowners were surveyed and asked to rate the importance of four long-term financial goals. Home ownership and “being able to live comfortably in retirement” rated the highest — viewed as either extremely or very important by 80% of respondents.
Owning a home is part of the fabric that makes America great! Don’t let the naysayers derail you from getting your dream house. It’s absolutely the best time to buy.
The author is a real estate broker and co-owner of Beninati Associates in Southold.
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