Housing 360: Research on Attitudes to Homeownership

A report on attitudes to homeownership shows that owning a home and remodeling it are still important to homeowners, despite the down economy.

The survey suggests that demand for new and existing homes will increase once the housing market stabilizes. When asked what kind of home they would buy, most respondents — and especially renters — preferred existing homes over new. Among both renters and owners, the top three reasons for this preference — affordability, the value of living in an established community, and being able to remodel the house to their tastes — were especially popular among older respondents.

Positive feeling about remodeling rises with income, and especially home value, where it rises from only 37% among owners with homes valued at $150,000, to $54% for people with homes valued at more than $500,000.

Maintenance and repair work has dominated in the last two years. Smaller numbers predicted for the coming two years may be low because they don’t take into account the portion of this work that is unplanned.

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