Dive Brief:
- A National Association of Home Builders survey of 2,800 registered U.S. voters released Wednesday found that more than four out of five Americans (82%) believe buying a home is a smart investment.
- The survey, conducted by polling firm Morning Consult, also found that 81% of adults younger than 30 want to buy a home, 46% of all respondents believe now is a good time to do so, and 36% plan on purchasing a home within the next three years.
- The survey also revealed the reality many potential homeowners face when trying to buy a home, as 55% of respondents said they had trouble finding something affordable, 50% said they didn’t have enough saved for a down payment, and 41% couldn't get approved for a mortgage.
Dive Insight:
Other results from the survey include:
- 23% of respondents said now is not a good time to buy a home
- 72% believe government should provide tax incentives to help increase homeownership
- 38% said a Hillary Clinton presidency would be best for housing, 37% said Donald Trump would serve the industry better, and 25% said they didn't know or had no opinion.
NAHB Chairman Ed Brady said the survey results show that homeownership is still part of the American Dream. Therefore, government agencies, need to implement policies that will promote more homebuilding and protect homeownership, he said.
A National Association of Realtors HOME survey released earlier this month found that almost 75% of American households believe it’s a good time to buy a home but that half of young people with student debt don't want to assume the burden of a mortgage. Housing economists have long cited student debt as a barrier to homeownership. Confirming that sentiment was a June NAR/SALT/American Student Assistance survey, which found 71% of those who carried student loan debt believed it was keeping them from owning a home. In addition, that survey also found that half of respondents believed their student loan obligations would keep them from buying a home for at least five years.
During an NAR legislative event in May, Sen. Elizabeth Warren (D-MA) emphasized the need for student loan reform, as student debt has created such a major obstacle to homeownership for potential buyers. She said the housing industry should support student loan reform if it wants "to see more young people live the dream of homeownership."
