A recent survey by Digital Risk
showed that over half of homeowners believe the housing market in their region
and nationwide has improved. It also found that the majority of homeowners
(91%) and renters (83%) view home ownership as a good investment. The survey of
1,057 U.S. homeowners and 509 renters was conducted between May 26 and June 2.
Confidence in the housing sector is being driven by a noticeable increase in home values. Eighty-seven percent of homeowners have seen their appraisal values holding or increasing, while just 12% saw a decrease. Sixteen percent saw gains of more than 20% in value.
Barriers to the housing market remain, however. Forty percent of
renters said they could not afford the down payment. Insufficient income was
cited by 37% of respondents, while 33% said they preferred renting to
ownership. When asked what would make the decision easier to purchase a home,
40% percent cited debt forgiveness, 36% said a life event such as marriage or
children and 31% percent said lower credit requirements would push them into
the market.
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