Home Ownership Satisfaction Report
A recent article on home ownership satisfaction has both good and concerning news for housing.
Seventy-two percent of homeowners say they are satisfied with homeownership, according to a recent survey of more than 1,400 homeowners conducted by HomeGain, a provider of online marketing programs that connect agents and brokers with home buyers and sellers.
Among the 28 percent who said they were dissatisfied, 63 percent cited price depreciation as the main reason for their dissatisfaction.
Other dissatisfied homeowners cited the costs of owning and maintaining a home as major reasons for their dissatisfaction.
Minnesota Association of REALTORS® CEO Chris Galler offered his take on how buyers are feeling about home ownership. People – especially those who purchased a short sale – appear to be very happy with the decision. Here are some cues as to why people are satisfied with homeownership:
“Feeling of accomplishment when I complete any home project. And, the fast I don’t need anybodys permission to do what I want to do.”
“Even though I pay high real estate taxes, my home is mine. I paid off the mortgage some years ago, unlike renting which is never paid off.”
“I’m not renting someone’s home. I can do what I want to improve my home and not have to ask for permission if I was renting.”
“Privacy, flexibility and freedom.”
“Its nice to be able provide a solid, consistent foundation for my family as well as pride in taking care of my home.”
“Free to modify or improve the house and grounds as we see fit, tax deductions, sense of security for wife, children, me.”
“I don’t get bugs from some other apartment dweller.”
“Appreciation used to be a valid reason for home ownership, though, with the market crash, we believe we have lost most of our equity since 2007. We most prefer owning our home because we like our neighborhood and enjoy gardening and home improvement.”
“It was a great price, home was in very good condition, little required to fix up.”
At Minnesota Association of REALTORS® we’re watching the fact that homeownership satisfaction was lowest in the Midwest – at 68% – in this study. Historically this was the first price decline in the Midwest since the depression. A more concerning issue for a rebound is the low satisfaction level by young people. The study found 55% of homeowners ages 18 to 25 were dissatisfied with homeownership, while 24 percent of those 55 and older expressed dissatisfaction with being a homeowner.
The Minnesota Association of REALTORS® is the largest professional trade association in the state with over 19,000 members who are active in all aspects of the real estate industry.