Survey Shows Owning a Home Still the 'American Dream'

Money Management International reveals national homeownership survey results

HOUSTON, July 7, 2011 /PRNewswire-USNewswire/ -- Despite a recession and housing crisis that has maintained a firm grip on the U.S. real estate market, the majority of Americans still view homeownership as the "American dream," according to a recent survey by Money Management International.

The 2011 survey conducted on behalf of Money Management International (MMI), the nation's largest nonprofit credit counseling agency, found 81 percent of people still place a lot of value in owning a home – considering it to still be a key component in achieving the "American dream."

Despite an overall feeling of optimism regarding homeownership, the number of people who rent has increased from 34 percent to 38 percent since December, reflecting a nationwide trend toward renting.

Some other significant findings in the survey include:

• Income is key when purchasing a home. A majority of respondents indicated that the ability to comfortably make a monthly payment is the most important factor to consider when purchasing a home. Only seven percent of respondents cited the ability to afford a down payment as a key factor when making the decision to become a homeowner.
• Owning a home is a good investment. According to survey results, 69 percent of people believe that owning a home is still a good investment, despite the housing bubble.
• The desire to own a home trumps renting. Reflecting attitudes consistent with the importance of homeownership to the Americans, 66 percent indicated in the survey that they would prefer to purchase a home rather than rent if they were in the position to change residence.
• Lenders and financial professionals are the first choice when seeking help. When asked where they would turn in the event that they are unable to make their monthly mortgage or rent payment, 35 percent of people responded that they would contact a lender or financial professional. Attaining a second job was a close second, with 32 percent indicating they would look for more work in order to stay in their residence.

Whether you're a homeowner in crisis or a first-time homebuyer seeking information, MMI can help. MMI is a HUD-certified housing counseling agency that has been selected to qualify eligible homeowners for the Emergency Homeowners' Loan Program. For more information, or to determine whether you are eligible, visit MoneyManagement.org.

MMI also offers free tips and tools, as well as foreclosure prevention services and reverse mortgage counseling.

About Money Management International

Money Management International (MMI) is a nonprofit, full-service credit-counseling agency, providing confidential financial guidance, financial education, counseling and debt management assistance to consumers since 1958. MMI helps consumers trim their expenses, develop a spending plan and repay debts. Counseling is available by appointment in branch offices and 24/7 by telephone and Internet. Services are available in English or Spanish. To learn more, call 800.432.7310 or visit www.MoneyManagement.org.

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Contact:
Tanisha Warner
Media Relations
713.394.3202
[email protected]

SOURCE Money Management International