In a recent paper from the Joint Center for Housing Studies at Harvard University which examines the association between views on homeownership and the recent downturn in the housing market, MHProNews has learned evidence suggesting respondents’ preferences for owning versus renting have not changed, except among borrowers who have underwater loans, or are close to someone who defaulted on a loan. Based on data from Fannie Mae’s National Housing Survey from 2010 and 2011, the study shows preferences are more apt to be based on whether one already owns or rents as the stronger predictor. The draw of homeownership, seen as a consumption good and as a financial investment, as a place to raise children and promote security, indicates the American dream of owning one’s own home is alive and well. For the full study, please click here.
