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Homeownership still considered to be the American ideal

Posted On Mon, July 11, 2011

Despite the array of problems that have plagued the housing market, homeownership is still considered to be a part of the American dream, according to a new survey.

The poll, conducted by Money Management International, a credit-counseling institution, found that more than 8 in 10 respondents said owning a home was a desire of theirs. However, the survey also found there to be more people renting properties than buying them, increasing from 34 percent to 38 percent compared to December, when a similar poll was conducted.

Other findings from the survey indicated some of the priorities respondents had. For instance, a majority said the ability to make monthly payments was their top concern before buying a home and if people have financial troubles, most said they would turn to a lender or financial professional in order to obtain assistance. Other common responses were seeking a second job and asking their current employer for more hours.

The Obama administration recently made it easier for homeowners to obtain financial assistance, increasing the amount of time homeowners have to pay off their debt to mortgage servicers. Obtaining cheap home insurance rates has also become easier, thanks to an increase in the number of online price comparison websites in recent years.

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