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Homeownership is still the American Dream

Despite the economic downturn, a study conducted by Coldwell Banker and psychotherapist Dr. Robi Ludwig found that even though people’s feelings about homeownership have changed, owning a home is still very much a goal for many Americans.

Coldwell Banker conducted the online survey through Harris Interactive and polled more than 2,100 adults aged 18 and older. One of the findings stated while 79 percent of U.S. adults indicated the recession has caused society to rethink the concept of homeownership, 91 percent agreed owning a home is part of the American Dream.

“While I know that financial hardships during the recession clearly have impacted many households, it is clear that the emotional value of a home is still strongly recognized,” said Dr. Ludwig.

She explained the financial downtown has caused people to reevaluate fundamental issues in their lives.

“Now that we’re picking up the pieces, we’re seeing a psychological shift,” she said. “Instead of looking at homes through the eyes of an economist, we’re realizing that a home doesn’t solely equate to financial return or measure only to a mortgage amount. Instead the home is the emotional center of our lives, and it remains a critical component of who we are.”

Another issue being re-evaluated is what homeowners want versus what they really need. According to the survey, 90 percent of U.S. adults agree some people purchased more expensive homes than they should have before the recession. Meanwhile, 86 percent agreed people are more closely evaluating how much home they can truly afford now, compared to before the recession.

“People are simply and rightly being more mindful about what they need and what they can afford, and are more carefully considering when to become homeowners,” said Jim Gillespie, CEO of Coldwell Banker.

In the end, Dr. Ludwig said the feeling of “being home” and being able “to alter colors, make minor cosmetic alterations and structural changes,” things often not allowed to renters, is vital to a person’s sense of identify and the main factor behind the idea of homeownership.

“The feeling you get when you step through your front door or pull into your driveway is indescribable and priceless and the same holds true for our children who crave stability, said Dr. Ludwig. “While I know that financial hardships during the recession clearly have impacted many households, it is clear that the emotional value of a home is still strongly recognized.”

All data collection was done online within the United States from April 23-25, 2012, among 2,177 adults (1,457 homeowners and 666 renters).

 

Source:DS News

By: Sara Ortega 

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