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Many Americans Still Believe They May Find Dream Homes

As the housing market in the U.S. maintains its abysmal status, one might think that Americans would have negative view of their future home-buying prospects. A new survey, however, has revealed that 55 percent of Americans still believe that they may eventually live in their dream homes.

The survey, conducted by Yahoo Real Estate, found that 81 percent of Americans believe that owning a home is part of the American dream, while only 13 percent believed they were already living in their dream homes. The survey questioned 1,500 current and aspiring homeowners and renters. Despite the fact that one in three of them knew someone who had experienced a foreclosure, the majority were still optimistic.

The type of home that respondents wanted has changed dramatically from previous years. Green efficiency is now more important that gated communities, mountain views, being near a beach, or even having a cottage in the woods. People now want homes built from sustainable materials, a reality that could reflect both a growing consciousness of the environment and the realization that “McMansions” are more expensive to maintain.

65 percent of those surveyed would be willing to buy foreclosed property, and 59 percent of renters would prefer to own homes but cannot because of the money required for down payment, insufficient income, bad credit, or concerns about employment.

For a more detailed look at the survey, you can visit Yahoo! Real Estate online.

Tavis J. Hampton

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