Renters Still Dreaming of Home Ownership

Despite claims from some quarters that home ownership is no longer such a big part of the American dream as it once was, a new survey shows that in fact, as many as 80% of non-homeowners would make huge sacrifices to be able to own one.

Century 21’s Spring Home Buyer/Seller Survey asked non-homeowners straight up whether they’d be able to give up certain luxuries in their lives if it meant owning their dream home, and were pleasantly surprised to discover that the vast majority would do so.

According to the survey:

• 50% would eat out less than they do now
• 49% would buy less non-essential items, such as gadgets, clothes and fashion accessories
• 47% would be prepared to give up luxuries such as trips to the beauty salon and cable TV
• 39% would take less vacations
• 10% would even be willing to contribute less money each month to retirement savings accounts and pensions

What’s perhaps even more interesting about the survey are the reasons that so many people are prepared to make these kinds of sacrifices – quite simply, people are desperate to take advantage of current low house prices and interest rates.

Rick Davidson, CEO and President of Century 21 Real Estate LLC, summed up the general mood when he said:

“For those who are currently renting, purchasing a home is especially attractive right now. In fact, home affordability reached a new all-time high for the first quarter of 2012.”

Even so, despite the keenness of non-homeowners to get their hands on a piece of real estate, many believe that their dreams are likely to remain unobtainable, at least for the foreseeable future. According to the survey, some 45% of renters said that they doubted they would be able to qualify for a mortgage or come up with the necessary down payment any time soon.