Why Own a Home? (Lots of Reasons)

 

Interesting Gallup Poll on the various reasons homeowners and prospective homeowners state as why they want to own a home.

Financial reasons:

-good investment that appreciates in value (16%)
-building equity / good credit (12%)
-equate renting with “throwing money away” (12%)
-it’s cheaper or more cost effective (11%)
-financial security (9%)
-tax deductions (5%)

Non-financial reasons:

-general belief in homeownership (12%)
-aversion to living in a “rental” or paying rent to someone else (10%).
-wanting a family home (7%)
-wanting the freedom to do what one wants with one’s home (6%)
-pride of ownership (6%)
-the “American Dream” (2%)

Financial reasons outweigh non-financial reasons, but not overwhelmingly — 51% say they are expecting home prices to rise in their area (up from 33% a year ago)

 
 

Source:
U.S. Homeowners’ Reasons for Owning More Than Financial
Renters mainly cite lack of financial means as reason they rent rather than own
Lydia Saad
Gallup, April 18, 2013 
http://www.gallup.com/poll/161966/homeowners-reasons-owning-financial.aspx

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