HomeSmart

Home Adaptations for Independent Living

Blog

« Back to Blog « Older Entry | Newer Entry »

Aging in Place: Attitudes about Homeownership

Posted on May 4, 2012 at 4:37 PM

Along with the desire to age in place comes the question of exactly where to age.  Should you stay in your existing home or move to another?  If you stay, should you renovate to improve comfort and safety and will those renovations add value to your home?  If you move to a different location, should you purchase another home or is it more practical to rent?

No matter which option you’re leaning towards, you’ll need to factor in an evaluation of the current housing market along with emerging trends.

The Colton Housing Group recently conducted a national study among 3,005 homeowners and renters to better understand how Americans feel about today’s housing market and their aspirations for owning or renting a home in the future. The survey and six focus groups were commissioned by Hanley Wood, LLC, and its two main publications, BUILDER and REMODELING magazines.

The 70-question survey focused on attitudes towards the current housing market and problems encountered in the home buying process. Do Americans still view housing as a good investment? Is now a good or bad time to buy or remodel? How do consumers feel about obtaining a mortgage in today’s environment? Is homeownership still important?  How do consumers compare owning with renting? Do consumer expectations vary among different age groups and socio-economic segments of the population?

The result of the survey paints an uncomfortable future for the nation’s housing market in the short term — a market where credit is tight and one where there is little urgency to buy now. It clearly identifies major bottlenecks in the mortgage market that are keeping many buyers on the sidelines and preventing any significant rebound in housing activity.

Over the long term, however, the survey tells a more positive story.  Specifically, the survey findings show that the desire to own a home has not been derailed by the difficult  economic times we're experiencing and that Americans generally understand the important role housing plays in creating new jobs, generating household wealth, and sustaining a long term economic recovery.    

First, the question of rent or buy.  While the dream of owning a home is certainly alive and well, renting is on the rise because for many it’s become the only option due to tough lending requirements.  When asked what sort of housing they would look for if moving to a new location,  62% of the renters said they would have no choice but to rent again.  In sharp contrast, only 10% of home-owning households said they would rent rather than buy another home.  According to real estate website Trulia, buying was cheaper than renting in 74% of the country's 50 largest cities.  In addition to a continuing decline in home prices, low interest rates have added a lot of weight to the buy side of the scale. Add in the tax perks of home ownership and for those who can afford it, it’s still a buyer's market.

So, what are the expectations for home prices during the next year?  More than one-fourth (28%) of the homeowners expect to see some decline in prices in the year ahead, and one-third (33%) expect some increase in prices in their market area.   Expectations vary from region to region.  In the Northeast, 24% of the owners expect home prices to decline some in the year ahead, and 35% expect prices to increase. In the West and Midwest, about 30% of the owners expect prices to decline some, and another 30% expect home prices to rise.  In the South, 27% of the owners are expecting prices to decline a bit more, and 34% expect prices to rise in the year ahead.

In response to the question, “Have changes in home prices influenced your home-buying decision?” 35% of owners and 38% of renters said yes.  And while 50% of homeowners under the age of 35 reported that changes in home prices influenced their home buying decision, that percentage fell with age:  37% for owners in the 35-44 age group, 28% for 45- to 64-year olds, and 17% for owner aged 65 or older.

What seems to be sorely lacking in today’s market is not desire but a real sense of urgency to buy a home now. Two out of three homeowners and 23% of renters are comfortable with their current living arrangements. And both owners (40%) and renters (45%) cited “no urgency to buy now” as one of the principal reasons for staying out of the market.

Another trend reflected in the survey findings is the increasing number of people who are doubling-up with friends and family.  More than one-third of the owner households and about one fourth of the renter households are doubling-up – young adults with parents, elderly parents with their adult children or grandchildren, unrelated adults living together.  In order to project future housing demand, it is important to recognize the trend and understand why it’s occurring, whether it’s to cut expenses and ride out the recession, care for an aging parent, or for some other reason.

For those who question whether or not to renovate in order to remain in their current home, remodeling is becoming a more attractive option in today’s housing market.  One out of five homeowners (22%) has recently completed a remodeling job or plans to remodel in the next two years instead of buying another home.  Baby-boom generation homeowners are the most optimistic about the remodeling market,  not a surprise given that homeowners over age 50 had a strong preference for staying in their current home throughout their retirement years. Among all respondents 50 or older, more than half (54%) said that they would stay in their current home for their entire retirement.  Another 18% said they would stay in their current home first then buy another home later, and 10% said they would  move to a different home (brand new or existing) before retiring or had already bought another home after retiring. 

So all that said, what’s the bottom line?  Home ownership remains an important part of the American experience and receives broad-based support from all age, ethnic, and income groups. And even though more than half of the homeowners surveyed experienced some decline in their home’s value over the past year, they still regard homeownership as a good, long term investment.   


 Susan Luxenberg
 President
 HomeSmart LLC 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 .
 
 
 
 

Categories: Homes for a Lifetime

Post a Comment

Oops!

Oops, you forgot something.

Oops!

The words you entered did not match the given text. Please try again.

1717 Comments

Reply yeezy boost 350
8:35 PM on January 21, 2022 
Thanks so much for giving everyone remarkably spectacular opportunity to read in detail from this site. It is often very excellent and also jam-packed with amusement for me and my office peers to search your site at a minimum 3 times every week to read the latest guidance you have. And definitely, I'm also usually pleased considering the awesome tips and hints you serve. Some 2 areas in this post are in fact the very best I've ever had.
yeezy boost 350 http://www.yeezy350boost.us.com
Reply supreme
8:35 PM on January 21, 2022 
I precisely had to thank you very much again. I'm not certain what I would have taken care of in the absence of the entire advice documented by you over such a area of interest. It seemed to be a intimidating circumstance in my view, however , considering a specialised style you resolved the issue made me to jump with gladness. Now i am happier for your work and in addition hope you find out what a great job you are always carrying out educating the mediocre ones by way of your websites. Most probably you have never encountered any of us.
supreme http://www.supremesoutlet.us.com
Reply curry 6
8:35 PM on January 21, 2022 
Thank you so much for providing individuals with a very terrific opportunity to read from this site. It can be so beneficial and also packed with amusement for me personally and my office peers to search your site not less than thrice in 7 days to learn the new stuff you have. And definitely, I am just usually amazed with all the mind-boggling methods served by you. Certain 1 areas in this article are unquestionably the most efficient we have all had.
curry 6 http://www.curry6.net
Reply kyrie irving shoes
8:36 PM on January 21, 2022 
I would like to express my love for your kind-heartedness for folks that have the need for guidance on this topic. Your personal dedication to getting the solution around appeared to be unbelievably invaluable and have truly enabled many people like me to arrive at their desired goals. The informative key points means so much to me and especially to my peers. With thanks; from each one of us.
kyrie irving shoes http://www.kyrieirving-shoes.us.com
Reply supreme clothing
8:36 PM on January 21, 2022 
Needed to send you the tiny remark so as to thank you so much yet again about the spectacular advice you've shown on this website. This is strangely generous of people like you to supply easily exactly what most people could have distributed for an ebook in making some cash for themselves, principally now that you might well have tried it if you ever wanted. Those concepts also worked like a fantastic way to fully grasp that other people have the same passion like my own to know the truth a little more with regards to this matter. I am sure there are a lot more fun moments in the future for folks who take a look at your blog post.
supreme clothing http://www.supremeclothing.us.org
Reply kyrie irving shoes
8:24 PM on January 23, 2022 
I simply wished to thank you very much all over again. I do not know what I might have sorted out without the type of techniques documented by you about that field. It was before a very traumatic dilemma for me personally, however , being able to view the very specialized strategy you processed the issue forced me to jump for contentment. Extremely happy for the work and even pray you are aware of a powerful job you're accomplishing teaching many people all through your websites. Probably you haven't met any of us.
kyrie irving shoes http://www.kyrieirving-shoes.us.com
Reply curry shoes
6:35 AM on January 28, 2022 
I am writing to let you understand of the magnificent discovery our princess experienced using your web site. She noticed lots of pieces, with the inclusion of how it is like to possess an incredible giving style to make folks smoothly learn about chosen hard to do subject areas. You truly did more than readers' desires. Thank you for imparting the useful, healthy, informative and even cool thoughts on your topic to Lizeth.
curry shoes http://www.curry8shoes.us
Reply cheap jordans
11:46 AM on January 28, 2022 
I would like to convey my passion for your generosity for women who really need help on the subject matter. Your personal dedication to passing the solution all over was exceedingly practical and has surely empowered guys and women just like me to reach their goals. Your own warm and friendly recommendations signifies much to me and even more to my office workers. Warm regards; from all of us.
cheap jordans http://www.jordansforcheap.us.com
Reply kd shoes
8:53 AM on January 30, 2022 
I simply wanted to thank you very much once again. I do not know the things that I would have undertaken without those thoughts discussed by you relating to my problem. It seemed to be the troublesome concern in my circumstances, but viewing your specialized strategy you solved that forced me to leap over happiness. Extremely thankful for your service and as well , hope you realize what a great job you were putting in teaching the others through your blog. Probably you've never encountered all of us.
kd shoes http://www.kd12.us.com
Reply jordan retro
1:10 AM on February 1, 2022 
I needed to send you that little remark in order to thank you so much again relating to the amazing basics you have discussed here. This is quite remarkably generous with you to deliver unhampered what exactly most people would've made available as an e book in making some bucks for their own end, most importantly considering the fact that you could possibly have done it in case you considered necessary. These solutions also served to provide a fantastic way to be certain that other individuals have similar passion just as mine to grasp a whole lot more with regard to this issue. I think there are many more pleasant instances in the future for individuals who look into your blog post.
jordan retro http://www.retro-jordans.us.com
Reply supreme clothing
11:44 PM on February 4, 2022 
I simply desired to say thanks yet again. I do not know the things that I might have done in the absence of those opinions shared by you directly on that question. It had become a real distressing dilemma for me, but being able to see a new specialised mode you treated that forced me to leap with fulfillment. Extremely grateful for your information and then expect you are aware of a powerful job your are carrying out educating people today using your webpage. More than likely you haven't met all of us.
supreme clothing http://www.supreme.us.org
Reply hermes handbags
2:21 AM on February 7, 2022 
I intended to create you this little observation to say thanks a lot as before relating to the pleasant strategies you have discussed on this website. It has been simply remarkably generous of people like you to deliver publicly just what a number of us would've offered for an ebook to end up making some bucks on their own, especially since you might well have done it if you ever considered necessary. These secrets additionally worked like a fantastic way to realize that someone else have the identical passion like my own to learn way more when it comes to this issue. I believe there are a lot more pleasant occasions up front for many who scan through your site.
hermes handbags http://www.hermes-handbags.us.com
Reply kyrie 6
2:23 AM on February 7, 2022 
I in addition to my pals happened to be looking through the good secrets found on your site and then instantly got a terrible suspicion I never thanked the site owner for those secrets. These women were certainly stimulated to study them and have now simply been loving them. We appreciate you simply being so considerate as well as for considering varieties of nice subject matter most people are really needing to know about. Our own honest regret for not expressing gratitude to you earlier.
kyrie 6 http://www.kyrie-6.com
Reply supreme clothing
2:23 AM on February 7, 2022 
I simply desired to appreciate you all over again. I do not know what I might have implemented without the type of tips discussed by you on my question. It was a real alarming condition in my circumstances, but taking a look at your professional form you resolved it made me to cry with happiness. I will be grateful for your support and in addition expect you comprehend what an amazing job you have been putting in training other individuals using your blog. Most likely you've never got to know any of us.
supreme clothing http://www.supremeoutlet.us.com
Reply kyrie 7
6:49 AM on February 7, 2022 
I wanted to send you a bit of note so as to give thanks yet again for these precious basics you've shared on this page. It was simply particularly generous of you to offer easily what a number of us could have supplied as an electronic book to generate some profit for themselves, most importantly given that you might have tried it in case you decided. These techniques likewise acted as a good way to be certain that the rest have the identical keenness really like my own to figure out significantly more with reference to this problem. I believe there are millions of more enjoyable sessions in the future for those who go through your site.
kyrie 7 http://www.kyrie7shoes.us
Reply kobe sneakers
8:03 AM on February 9, 2022 
I simply wanted to appreciate you again. I'm not certain what I might have sorted out without the actual pointers revealed by you over such a subject. Entirely was the frightening difficulty for me, however , spending time with a well-written tactic you managed that took me to leap over happiness. Now i'm happy for this guidance and then pray you recognize what a great job you were undertaking instructing men and women with the aid of your webblog. Most likely you've never encountered any of us.
kobe sneakers http://www.kobesneakers.com
Reply supreme clothing
2:19 PM on February 11, 2022 
I simply desired to appreciate you once again. I'm not certain the things that I would have tried in the absence of those methods documented by you on such a problem. It was the scary issue in my position, nevertheless encountering this well-written strategy you resolved it took me to cry for fulfillment. I'm just thankful for the help and even expect you are aware of a great job you happen to be accomplishing instructing the others via your web page. Most probably you have never met any of us.
supreme clothing http://www.supremeoutlet.us.com
Reply giannis antetokounmpo shoes
2:22 PM on February 11, 2022 
I precisely needed to thank you very much once again. I do not know what I would have sorted out without the entire tips contributed by you directly on that subject. It became the hard crisis in my position, however , understanding your specialised manner you resolved it forced me to cry with joy. Now i am happy for this support as well as hope that you recognize what an amazing job you're undertaking teaching men and women thru a site. Most probably you have never met all of us.
giannis antetokounmpo shoes http://www.giannisantetokounmposhoes.us
Reply chrome hearts store
2:23 PM on February 11, 2022 
I enjoy you because of each of your work on this web page. My mom really loves getting into internet research and it's obvious why. Many of us hear all of the dynamic ways you present worthwhile thoughts by means of the web blog and as well as attract contribution from some other people about this area plus our own girl is without a doubt learning a whole lot. Have fun with the remaining portion of the new year. You have been performing a powerful job.
chrome hearts store http://www.chromeheartstoreonline.com
Reply supreme clothing
6:40 PM on February 11, 2022 
I simply wanted to make a comment to say thanks to you for all the amazing secrets you are showing on this site. My extensive internet research has now been rewarded with wonderful concept to talk about with my pals. I would declare that we visitors are definitely fortunate to dwell in a magnificent community with so many marvellous people with insightful principles. I feel very privileged to have come across your website and look forward to many more exciting moments reading here. Thanks a lot again for everything.
supreme clothing http://www.supreme-clothings.us.com

Categories

HomeSmart LLC | [email protected] | 7613 Sierra Dr W Boca Raton , FL , 33433 USA | Phone 5616996079 Fax 8884646110

/
Lightbox image